Oil rises to nine-month high

February 09, 2013 - 7:13:56 am

NEW YORK: Brent crude oil futures rose to a nine-month high close to $119 a barrel yesterday after the release of strong Chinese economic and oil import data, and Brent’s premium over US crude oil increased.

Chinese crude oil imports rose to the third highest daily rate on record, and overall exports and imports were much stronger than expected, accelerating signs of a rebound in the world’s second biggest oil consumer. 

Brent rose as high as $118.92, the highest since May, and at 1602 GMT was up $1.56 to $118.80, on course for a fourth consecutive week of gains. US crude added 38 cents to $96.21. Brent’s premium over US crude rose to $22.59, extending its recent rise to the highest since December.