Oil price up in Asia

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Oil price up in Asia

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Crude prices rose in Asian today after France pledged speedy eurozone mobilisation.

07 June,2012 07:41 pm

New Yorks main contract, light sweet crude for delivery in July, was up 20 cents to USD 85.22 a barrel and Brent North Sea crude for July delivery gained 20 cents to USD 100.84.Crude oil futures rallied... on growing hopes for a rescue of Spains troubled banks to ease the eurozone debt crisis, and as a US Federal Reserve official hinted at more monetary easing, Phillip Futures said in a report.French Finance Minister Pierre Moscovici yesterday said the eurozone was ready to mobilise very rapidly to assist Spain if Madrid requested it, tempering fears of a worsening crisis in the regions fourth largest economy.In the US, Atlanta Federal Reserve President Dennis Lockhart said the Fed might need to consider more monetary easing if economic growth in the worlds largest oil consumer hit more road blocks.Stating that monetary policy was appropriate for the moment, Lockhart said in a speech posted on the banks website that the Fed would likely consider more action if growth stalled.Should it become clear that something resembling my baseline scenario of continued, though modest, growth is no longer realistic, further monetary actions to support the recovery will certainly need to be considered, he said.