Crude Oil Gains as IEA Raises Forecast, China’s Imports Climb
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Oil climbed for the first day in three in New York after the International Energy Agency raised its global demand forecasts and China reported crude imports reached a record.
The IEA increased its forecasts for worldwide crude use by 300,000 barrels a day this year and next. Futures rose as much as 1.1 percent after Chinese customs data showed the world’s largest energy consumer imported a record 23.3 million metric tons of crude in September.