Oil Rises a Second Week as Chinese Buying Spree Buoys Market
- Chinese consumption, product imports drive upward momentum
- WTI finishes above $81 a barrel, posting a 1.8% weekly gain
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Oil rallied to the highest since mid-November, capping off its second straight week of gains on optimism over increased demand from China.
West Texas Intermediate rose to settle above $81 a barrel, posting a 1.8% weekly gain. Bolstering crude this week were forecasts for record consumption in China, a buying spree from the country’s largest oil trader and increased crude imports ahead of the Lunar New Year.