Brent Oil Rises on Ongoing Mideast Tension, China Crude Imports
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Oil extended gains in London and erased earlier losses in New York as protesters planned demonstrations in Middle Eastern oil-producing nations and after a report showed that China imported more crude.
Brent crude advanced as much as 0.9 percent as China, the world’s biggest energy consumer, increased net crude-oil imports to the highest in four months in January as demand for diesel to operate irrigation equipment in drought-stricken regions rose. Protestors plan a demonstration today in Iran, OPEC’s second-largest member, while Algerian opposition parties prepared a protest on Feb. 19 following a weekend clash with police.