Oil prices rose more than $2 towards $80 a barrel on Monday due to weakness in the dollar and signs of buoyant demand from China, the world's second-largest energy consumer.
China's implied oil demand in October was more than 10 percent higher than at the same time last year, customs data showed on Monday, in the latest sign consumption is rising in emerging economies despite the lingering impact of the economic crisis.
"Chinese demand is definitely supporting this market as demand in the OECD (Organisation for Economic Co-operation and Development) remains relatively weak," said Andrey Kryuchenkov, analyst at VTB Capital in London.
U.S. crude for January delivery rose $2.10 to $79.57 a barrel by 1443 GMT, after rising to a day high of $79.68 earlier in the session. London Brent crude rose $2.05 to $79.25.
reuters
China's implied oil demand in October was more than 10 percent higher than at the same time last year, customs data showed on Monday, in the latest sign consumption is rising in emerging economies despite the lingering impact of the economic crisis.
"Chinese demand is definitely supporting this market as demand in the OECD (Organisation for Economic Co-operation and Development) remains relatively weak," said Andrey Kryuchenkov, analyst at VTB Capital in London.
U.S. crude for January delivery rose $2.10 to $79.57 a barrel by 1443 GMT, after rising to a day high of $79.68 earlier in the session. London Brent crude rose $2.05 to $79.25.
reuters
