Oil increased as German investor confidence climbed to a 2 1/2-year high and a Bloomberg survey showed that international optimism about equities gained.

Futures rose as much as 0.5 percent after Germany’s ZEW Center for European Economic Research said its index of investor and analyst forecasts climbed to 31.5 from 6.9 last month. Global investors are the most bullish on stocks in at least 3 1/2 years, with almost two-thirds planning to boost holdings during the next six months, a Bloomberg survey showed.

The ZEW index, which aims to predict German economic developments six months in advance, advanced to the highest level since May 2010 and the biggest gain in 11 months. Economists forecast an increase to 12, according to the median of 39 estimates in a Bloomberg survey.

Watching Equities

Crude oil for February delivery rose 66 cents to the intraday high of $96.22 a barrel on the New York Mercantile Exchange. February futures expire today. The more- active March contract advanced 60 cents to $96.64. Yesterday’s transactions will be booked with today’s trades for settlement purposes as there was no floor trading because of the Martin Luther King Jr. Day holiday.

Brent oil for March settlement gained 37 cents, or 0.3 percent, to $112.08 a barrel on the London-based ICE Futures Europe exchange.

The European benchmark traded at a $15.44 premium to West Texas Intermediate crude futures traded in New York. The spread was $15.16 on Jan. 17, the narrowest level based on closing prices since July 24.

The spread has shrunk since Enterprise Products Partners LP (EPD) and Enbridge Inc. (ENB) resumed service of the Seaway pipeline running from Cushing to the Gulf Coast on Jan. 11 at a capacity of 400,000 barrels a day, up from 150,000 barrels. The link provides an outlet for record supplies in the central U.S.

Gold futures rose in New York after the Bank of Japan announced stimulus measures, increasing demand for the precious metal as a store of value.

The central bank said today it will buy about 13 trillion yen ($146 billion) in assets per month from January 2014 and set a 2 percent inflation target. Bullion gained 7 percent last year as stimulus programs in the U.S., Europe and Japan enhanced the appeal of the precious metal as an alternative to currencies.

India, the biggest bullion consumer in 2011, raised import duties on gold and platinum to 6 percent immediately from 4 percent. Physical gold purchases will probably slow significantly after being very strong early this year, said Nick Trevethan, senior commodities strategist at Australia & New Zealand Banking Group Ltd.

Gold futures for February delivery rose to $1,695.60 an ounce on the Comex in New York. Last week, prices jumped 1.6 percent and climbed to $1,697.80, the highest price for a most-active contract since Dec. 18. The exchange was closed yesterday for a public holiday.

Change % Change Last

Oil $95.47 +0.08 +0.08%

Gold $1,689.70 +2.70 +0.16%