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 New York trailed Brent’s gain, boosting the European benchmark grade’s premium for an eighth day. China’s exports rose 25 percent in January from a year earlier and crude imports increased to the highest level in eight months, customs figures showed. Goldman Sachs Group Inc. said oil markets will “remain tight” in the first quarter and may push prices above its forecasts.

China bought 24.87 million metric tons of crude more than it exported last month, according to data published today on the website of the Beijing-based General Administration of Customs. That’s equivalent to 5.88 million barrels a day, the most since May, data compiled by Bloomberg show.

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.

Gold prices traded within yesterday's range after the fall of the previous day.

Support prices have rise in stock markets and the unexpectedly high rates of China foreign trade in January. China's exports and imports grew above expectations and pointing to strong domestic demand and sustained economic recovery.

Chinese markets will be closed next week on the occasion of New Year and will be opened on February 18.

In addition, the purchasing sentiment largely contributed to the favorable statistics of the U.S. trade deficit for goods and services, which fell in December from a revised $ 48.61 billion the previous month to $ 38.54 billion, while the market on average expected a deficit of $ 46 , 0 billion

In the past year, China has increased its gold production sixth consecutive year to a record of 403 tonnes, while maintaining global leadership on this indicator, said Thursday edition of Shanghai Securities News.

April futures price of gold on COMEX today is trading in the range of 1665.80 - 1674.30 dollars per ounce.

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