Crude oil futures bounced higher Friday, advancing for the first time in the last three sessions, as surprisingly upbeat German business confidence renewed global growth hopes. On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD103.30 a barrel during U.S. morning trade, adding 0.56%. The oil rally was fueled as the German ifo business climate numbers surprised economists, climbing to 109.9 from 109.8 the previous month. Economists expected a drop to 109.5. Germany is the euro zone’s largest economy therefore German economic improvements are a major signal of global growth. Meanwhile, the IMF is meeting with Group of 20 officials, on the heels of IMF director Christine Lagarde stating Thursday; she expects more contributions in her campaign for a larger bailout fund, adding to the oil bullish sentiment. In Iranian news, signs that tensions over its nuclear program may be easing as negotiators from Iran, the five permanent members of the United Nations Security Council and Germany will meet in Baghdad on May 23 to discuss Iran’s alleged efforts to develop nuclear weapons, a claim denied by Iran. Rostam Qasemi, the Iranian Oil Minister, stated Thursday that he hoped for good news from the meeting further easing oil supply disruption concerns. Meanwhile, in a speech Tuesday U.S. President Barack Obama announced a USD52 billion plan to regulate the oil markets in an effort to lower gasoline prices. Obama announced his regulatory plan despite studies indicating that speculation increases volatility but does not have a major effect on average price. Energy policy has emerged as a major election-year issue between Obama and Republicans. The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.33% to trade at USD79.43 On the ICE Futures Exchange, Brent oil futures for June delivery jumped 1.04% to trade at USD119.22 a barrel. The spread between the New York traded crude contracts and the London-based Brent stands at 15.92.