Market Chatter: Brent Oil Rises to Three-Month High on Chinese Growth
"Oil rose to its highest level in almost three months in London amid signs of growth in China, the world's second-largest fuel consumer, and as Saudi Arabia, the biggest crude exporter, reduced supplies," Bloomberg reported.
It said: "Brent futures advanced as much as 1.4% to the highest since Oct. 18 after China's customs agency reported overseas sales jumped 14% in December from a year earlier, exceeding the 5% median forecast in a Bloomberg survey. The nation imported 271 million metric tons of crude last year, 6.8% more than in 2011, according to the Beijing-based General Administration of Customs. Saudi Arabia reduced its crude production in December to a 19-month low, said a Gulf official with knowledge of the kingdom's energy policy."
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