Crude Oil in New York Fluctuates as Chinese Imports Gain, Dollar Climbs

Crude oil rose as Chinese crude imports neared a record and the dollar weakened to a 15 month low, buoying demand for commodities. China’s net oil imports were almost 19 million tons, or 4.5 million barrels a day, the second highest level ever, according to data from the Beijing based customs office. Oil rose and gold surged to a record as the dollar’s slide bolstered purchases of raw materials by investors seeking alternative investments. “The Chinese numbers are obviously very supportive,” said John Kilduff, partner at Round Earth Capital, a hedge fund that focuses on food and energy commodity investments, in New York.

“The consistently high import numbers fly in the face of those who say there is nothing fundamental about the rise in oil prices.” Oil for December delivery rose 82 cents, or 1 percent, to $79.87 a barrel at 10:01 a.m. on the New York Mercantile Exchange. Futures have climbed 79 percent this year. Chinese imports increased as industrial production soared 16 percent from a year earlier, spurring fuel use. Last month’s net imports were the highest since July’s record 19.2 million barrels. China is the second largest oil consumer after the U.S.....Read the entire article.