Oct. 13 (Bloomberg) -- Oil in New York rose for the first day in three as China, the world’s largest energy consuming country, reported record imports of crude in September. Oil jumped as much as 1.6 percent as the imports climbed 11 percent from August to 23.3 million metric tons, or 5.52 million barrels a day, according to preliminary data from the Beijing- based General Administration of Customs. The International Energy Agency raised its global demand forecasts. The Chinese figures are “the leading indicator on the landscape as we get into next year,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund focusing on energy. “They’re an indicator of global strength and are helping us get more bullishness.” Crude for November delivery rose 91 cents, or 1.1 percent, to $82.58 a barrel at 9:15 a.m. on the New York Mercantile Exchange. Prices have risen 11 percent in the past year. Brent crude for November settlement on the ICE Futures Europe exchange in London gained 74 cents, or 0.9 percent, to $84.24 a barrel. The IEA increased its forecasts for worldwide crude use by 300,000 barrels a day this year and next. Global oil demand will be higher than previously estimated this year and next amid signs of “apparently resurgent” demand in the U.S., Germany and Japan in the last quarter, the IEA said today in its monthly Oil Market Report. Crude use worldwide will average 86.9 million barrels a day in 2010 and 88.2 million barrels a day in 2011, the Paris-based energy advisory agency said. That’s 300,000 barrels a day more than last month’s forecast for both those years. IEA Forecast “The IEA report is a very strong one that acknowledges the strength of the demand seen over the last few months,” said Amrita Sen, an analyst at Barclays Capital, the investment banking arm of Barclays Plc. “In particular, OECD oil demand has shown very strong recovery and the IEA seems to be taking that into account.” Futures also rose as the dollar weakened against the euro and other currencies, reducing the appeal of commodities, amid speculation that the U.S. Federal Reserve will conduct another round of quantitative easing, a term used for Fed purchases of debt to stimulate the economy. The Dollar Index, used by IntercontinentalExchange Inc. to track the greenback against currencies including the euro, yen and Swiss franc, slid 0.2 percent to the lowest since January on a closing basis. The Organization of Petroleum Exporting Countries will agree to keep production quotas unchanged when it meets tomorrow because the oil market is well-balanced for the next few months, an OPEC delegate said today ahead of tomorrow’s ministerial meeting. --With assistance from Ben Farey in London and Ayesha Daya in Vienna. Editors: Joe Link, Richard Stubbe To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net. To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.

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