“Oil rose for a second day, trimming the biggest monthly decline in a year, on signs European officials will approve more aid for Greece and as a leak shut a pipeline carrying crude to the largest U.S. storage hub.
Futures climbed as much as 1.6 percent, topping $102 a barrel for the first time since May 11, after TransCanada Corp. (TRP) closed the Keystone pipeline that runs from Alberta to Cushing, Oklahoma, where New York-traded oil is stored. The euro rose to a three-week high against the dollar, bolstering the appeal of commodities for protecting against inflation. Oil also gained on speculation consumer confidence in the U.S., the world’s biggest crude user, increased to the highest in three months.
“Bullish factors are winning this morning, with the market again being supported by the weak dollar,” said Christopher Bellew, senior broker at Bache Commodities Ltd. in London.
Crude for July delivery climbed as much as $1.58 to $102.17 a barrel in electronic trading on the New York Mercantile Exchange. It was at $102.16 at 10:49 a.m. London time.”
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