Brent crude
surged to a nine-month high in London while oil in New York rose 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
Brent oil
for March settlement gained $1.62, or 1.4 percent, to $118.86 a barrel on the
London-based ICE Futures Europe exchange. The contract increased as much as 1.4
percent to $118.92, the highest level since May 2. The volume of all futures
traded was 32 percent higher than the 100-day average
WTI oil for
March delivery rose 49 cents, or 0.5 percent, to $96.32 a barrel on the New
York Mercantile Exchange. The contract gained as much as 0.8 percent to $96.57.
Volume was 28 percent more than the 100-day average. Prices are down 1.5 percent
this week, after advancing 14 percent over the prior eight weeks.
