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.

Brent futures advanced as much as 1.4 percent to the highest since Oct. 18 after China’s customs agency reported overseas sales jumped 14 percent in December from a year earlier, exceeding the 5 percent median forecast in a Bloomberg survey. The nation imported 271 million metric tons of crude last year, 6.8 percent 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.