Oil climbed to a two-week high in New York as Spain raised more than its maximum target at a debt auction and the International Monetary Fund bolstered its global growth forecast.

Futures gained as much as 2.1 percent after Spain sold 3.18 billion euros of bills today, easing concern the credit crisis will spread. The IMF raised its outlook for 2012 and 2013 today.

The world economy will expand 3.5 percent this year and 4.1 percent in 2013, the Washington-based IMF said today in its World Economic Outlook, raising forecasts made in January from 3.3 percent for 2012 and 4.0 percent for next year. The U.S. will grow 2.1 percent this year and 2.4 percent in 2013, up from 1.8 percent and 2.2 percent in the lender’s January projections.

Crude oil for May delivery advanced to $105.07, the highest intraday price since April 3. Crude is up 5.8 percent this year.

Brent oil for June settlement rose 11 cents to $118.79 a barrel on the London-based ICE Futures Europe exchange.

Gold prices adjusted in early trading after falling to the weekly wage on the eve on the background of strong statistical data on retail sales in the U.S.

The fall of the value of gold due to the eve of which turned out better than analysts' expectations of macroeconomic statistics from the U.S., which led to an increase in investor interest in U.S. currency as a safe asset. On Monday it was reported that retail sales in March in the country grew by 0.8% compared with February. The analysts were expecting sales growth of 0.3%.

At the same time, investors remained concerned about the economic situation in the euro area, particularly in Spain. On the eve of the rate of return on ten-year government bonds of the country exceeded the psychologically important level of 6%. So on Tuesday the attention of bidders is focused on the placement of the Spanish Treasury bills with maturities of 12 and 18 months worth of 3 billion euros. Spain's Ministry of Finance sold on Tuesday the 12 - and 18-month bonds worth 3.2 billion euros, slightly exceeding the target amount of 2.3 billion euros. In addition, the economic expectations in Germany improved in April compared with March, according to research institute ZEW.

May futures on the COMEX for gold today rose to $ 1655.8 an ounce and then dropped to $ 1635.0 an ounce.

Change % Change Last

Oil $103.10 +0.17 +0.17%

Gold $1,652.40 +2.70 +0.16%