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.
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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.
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