Brent Oil Rises to Nine-Month High on China
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Brent crude surged to a nine-month high in London while oil in New York slipped after stronger-than-expected trade data from China signaled increased fuel demand in the world’s second-biggest consuming country.
The European benchmark grade’s premium to West Texas Intermediate oil in New York strengthened for an eighth day. China’s exports rose 25 percent in January from a year earlier and crude imports increased to an eight-month high, customs figures showed. Goldman Sachs Group Inc. said oil markets will “remain tight” in the first quarter and may push prices above its forecasts.