Officials from the International Monetary Fund joined the finance ministers for the two days of meetings and they said the IMF is considering an enhancement of lending resources to assist with efforts to control the crisis. Crude oil futures this week have climbed roughly 4.6 percent yet thus far this year have fallen 5 percent.
"The debt crisis is far from over but it appears that they are making progress, which is bullish for oil," oil-market research head Michael Wittner with Societe Generale in New York told Bloomberg. "Economic data, especially in the U.S., has improved recently. It’s now mixed, rather than negative."
At 4:01 p.m. on Friday, crude oil futures gained 3.16 percent, a $3.45 rise to $112.65 per barrel.
The Associated Press reports crude oil inventories in the U.S. gained last week, rising by 1.3 million barrels, which is equivalent to 0.4 percent.
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