“Oil headed for the longest weekly rising streak in 14 months in New York after economic growth accelerated in China, the world’s second-biggest crude consumer.
West Texas Intermediate traded close to a four-month high after gaining the most in two weeks yesterday. The International Energy Agency raised forecasts for global oil demand this year as demand rises in China and said the world oil market is “tighter” than previously estimated. China’s gross domestic product rose 7.9 percent in the fourth quarter from a year earlier, compared with 7.4 percent in the previous period, the National Bureau of Statistics said today in Beijing.
“I don’t think there will be a hard landing in China,” said Michael Poulsen, an analyst at Global Risk Management Ltd. in Middelfart, Denmark.
Crude for February delivery was at $95.36 a barrel, down 13 cents, in electronic trading on theNew York Mercantile Exchange at 12:57 p.m. London time. The contract advanced 1.3 percent to $95.49 yesterday. That was biggest gain since Jan. 2 and the highest close since Sept. 17. Prices gained 1.9 percent this week for a sixth straight advance, the longest run of gains since November 2011.
Brent for March settlement slipped 32 cents to $110.78 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $14.99 to WTI futures for the same month. The gap was $15.16 yesterday, the narrowest closing level since July 24….”
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