Oil Advances as German Exports Increase; OPEC to Meet in Vienna

Oil advanced from the lowest close in three weeks in New York after German exports unexpectedly rose in October and China processed a record volume of crude last month. OPEC meets this week to discuss its output quota.

Futures climbed as much as 1 percent as exports gained 0.3 percent from September in Germany, the biggest oil consumer in the European Union. China’s net crude imports increased to the highest in six months in November as the volume processed at the nation’s refineries rose to a record, according to the General Administration of Customs. The Organization of Petroleum Exporting Countries will probably leave its production quota unchanged when it meets Dec. 12, a Bloomberg survey showed.