Oil markets rose on expectations of steady demand growth after China, the world’s second-largest oil consumer, posted an 8.9% growth for the fourth quarter of 2011.
Brent crude rose by 59¢ to stand at $111.93 a barrel, while US crude gained $1.26 to $99.97.
Go deeper with GlobalData
Data eased oil investor worries that Europe’s debt crisis is forcing China’s factories to pare output and reduce energy consumption, reports Reuters.
China’s implied oil demand climbed to an all-time high of 9.64 million barrels per day in December 2011, which is a 0.4% rise on December 2010.
See Also:
