Oil Rises in New York as Brent Surges to Nine-Month High
By Mark Shenk - Feb 8, 2013
Oil climbed in New York while Brent crude surged to a nine-month high in London after stronger-than- expected trade data from China signaled increased fuel demand in the world’s second-biggest consuming country.
West Texas Intermediate oil in New York trailed Brent’s gain, boosting the European benchmark grade’s premium an eighth day. China’s exports rose 25 percent in January from a year earlier and crude imports increased to the highest level in eight months, customs figures showed. Oil markets will “remain tight” in the first quarter and may push prices above its forecasts, Goldman Sachs Group Inc. said.
“Speculation that physical markets in Asia are tight and will get tighter is having a much bigger impact on Brent than WTI,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “The strong oil import data out of China was very supportive.”
http://www.bloomberg.com/news/2013-02-08/oil-rises-in-new-york-as-brent-surges-to-nine-month-high.html
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