Oil Rises After China Passenger Car Sales Beat Estimates

Oil for May delivery rose as much as 54 cents, or 0.5 percent, to $101.56 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $101.51 at 3:05 p.m. Singapore time.

China’s passenger-car sales grew 4.5 percent in March, the China Association of Automobile Manufacturers said today in a statement. Sales were forecast to increase 3.9 percent, according to the average estimate of a Bloomberg News survey of eight analysts.

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