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Oil Gains as China Refining Rates Rise to Record, Equities Gain

Crude advanced after a government report showed Chinese refineries ran at record rates last month, signaling oil demand will continue to increase in the world’s largest energy user.

Futures gained as much as 1.5 percent, rising with global equity markets. China’s refiners increased crude processing to a record in November, according to the China Mainland Marketing Research Co., which compiles data for the National Bureau of Statistics. The Organization of Petroleum Exporting Countries maintained production quotas at a Dec. 11 meeting.