Crude oil price topped $83 a barrel today following data showing China’s strong crude imports, which surged by nearly 25% to almost 20 million tonnes last month.
In addition to the weak US dollar, concerns over petrol supplies following a fire at Korea National Oil Corp’s Newfoundland refinery in Canada and cold weather in the northern hemisphere are also contributing to the price rise, reports Reuters.
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For February delivery, US crude increased by 65¢ to $83.40 a barrel by 0648 GMT, while London Brent crude rose 63¢ to $82.
According to customs data, China’s crude oil imports in December 2009 leapt above 20 million tonnes, reaching 21.26 million tonnes.
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