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Crude oil surges to 15-month high

11 January 2010 07:45 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil rose to a 15-month high on speculation fuel demand will increase as energy and economic data indicate the global recovery may be sustained amid freezing temperatures in the Northern Hemisphere, Bloomberg reported.
Oil advanced a second day after crude imports by China, the second-largest energy consumer, climbed in December to reach a record annual total of 203.8 million metric tons, a customs report showed yesterday. U.S. consumers probably took advantage of holiday discounts in December while manufacturers churned out more goods, economists said before reports out this week.
Crude oil for February delivery rose as much as 92 cents, or 1.1 percent, to $83.67 a barrel in electronic trading on the New York Mercantile Exchange. Thatâ€™s the highest since Oct. 14, 2008. It was at $83.46 a barrel at 12:50 p.m. Singapore time.
The contract gained 9 cents to $82.75 a barrel Jan. 8 after the dollar declined on a report showing employment in the U.S. unexpectedly fell in December. Futures have risen in 11 of the past 12 sessions as freezing temperatures in the U.S., Europe and Asia boosted heating fuel demand. More cold weather is forecast for China in the next two days.
Brent crude oil for February settlement rose as much as 78 cents, or 1 percent, to $82.15 a barrel on the London-based ICE Futures Europe exchange. It was at $82.02 a barrel at 12:44 p.m. Singapore time.