By Christian Schmollinger Feb. 11 (Bloomberg) -- Crude oil rose for a fourth day in New York on speculation oil demand will increase this year as Europe help tackle Greece’s crippling debt problem and China reported a lower-than-expected inflation gain. Asian stocks climbed after consumer prices in China rose 1.5 percent in January from a year ago, lifting expectations that the country will delay raising interest rates. The median forecast in a Bloomberg News survey of economists was for a 2.1 percent increase. Prices also gained on prospects that Germany and France will aid Greece to overcome its budget deficit. “The strengthening oil prices is attributed to the financial considerations because of the plan that France and Germany have brewing to help Greece,” said Victor Shum, a senior principal at consultants Purvin & Gertz Inc. in Singapore. “The stock market’s in China and Hong Kong are all up so we are seeing investors coming back into the oil market.” Crude for March delivery rose as much as 40 cents, or 0.5 percent, to $74.92 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $74.77 at 3:02 p.m. Singapore time. Yesterday, it rose 77 cents to settle at $74.52 a barrel. Oil climbed yesterday as the department raised its demand projection to 85.3 million barrels a day from 85.18 million, according to its monthly Short-Term Energy Outlook. The Organization of Petroleum Exporting Countries also increased its forecast for the amount of crude its members may be called on to supply in 2010, by 150,000 barrels a day. Improving Demand “All the adjusted demand forecasts are based on an improving economic outlook,” said Purvin & Gertz’s Shum. The MSCI Asia Pacific excluding Japan Index added 1.4 percent to 387.12 as of 2:49 p.m. in Hong Kong. The Shanghai Composite Index added 7.08, or 0.2 percent, to 2,989.58 at the 1:08 p.m. local-time break. Germany and France are leading talks to help Greece as long as it sticks to a program to reduce the European Union’s biggest budget deficit, officials said yesterday. The euro’s slide to a nine-month low and a slump in bond prices prompted leaders to hold the assistance talks. The dollar traded at $1.3789 per euro at 12:37 p.m. Singapore time, from $1.3737 yesterday. Oil prices also gained after the U.S. Treasury Department announced restrictions on four companies and one individual with links to Iran’s Islamic Revolutionary Guard Corps. The U.S. has accused the Guard of developing weapons of mass destruction and supporting terrorism. Iran in Background “At this point I think Iran is still in the background,” said Purvin & Gertz’s Shum. “But if the rhetoric ratchets up that’s going to push it more into the light and provide a good excuse for investors to buy back in and support prices.” Oil earlier dropped as much as 1.6 percent yesterday after an industry report on Feb. 9 showed a larger-than-expected increase in crude stockpiles. The industry-funded American Petroleum Institute reported this week that U.S. crude inventories rose to the highest level since October. Stockpiles gained 7.2 million barrels to 337.6 million last week, according to the Washington-based group. An Energy Department inventory report scheduled for yesterday was delayed until tomorrow because of the government shutdown in Washington caused by a snow storm. The report may show stockpiles of oil grew by 1.6 million barrels, according to a Bloomberg survey of 16 analysts. Brent crude for March settlement gained as much as 32 cents, or 0.4 percent, to $72.86 a barrel on the London-based ICE Futures Europe exchange. It was at $72.59 a barrel at 2:38 a.m. Singapore time. The contract added 41 cents, or 0.6 percent, to $72.54 a barrel yesterday. The March contract expires today. The more actively traded April future was at $73.30 a barrel, up 18 cents, at 2:58 p.m. Singapore time, after rising 0.6 percent yesterday. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net;

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