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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.
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.
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