Market Chatter: Brent Oil Rises to Nine-Month High on China
"Brent crude surged to a nine-month high in London while oil in New York rose after stronger-than-expected trade data from China signaled increased fuel demand in the world's second-biggest consuming country," Bloomberg reported.
It said: "West Texas Intermediate oil in New York trailed Brent's gain, boosting the European benchmark grade's premium for an eighth day. China's exports rose 25% in January from a year earlier and crude imports increased to the highest level in eight months, customs figures showed."
"Brent oil for March settlement gained $1.62, or 1.4%, to $118.86 a barrel on the London-based ICE Futures Europe exchange. WTI oil for March delivery rose 49 cents, or 0.5%, to $96.32 a barrel on the New York Mercantile Exchange. Prices are down 1.5% this week, after advancing 14% over the prior eight weeks."
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