Oil prices rose slightly today after data showed China's economy rebounded in the final quarter of last year, suggesting demand for energy might increase. Benchmark oil for February delivery was up two cents to $95.51 a barrel in electronic trading on the New York Mercantile Exchange. The contract had gained $1.25 to finish at $95.49 a barrel last night. That was the highest close for crude on the Nymex since September 17 and a result of the positive economic reports out of the US. Brent crude, used to price international varieties of oil, rose nine cents to $111.19 a barrel on the ICE Futures exchange in London. China's economy grew 7.9% in the fourth quarter of 2012, up from the previous quarter's 7.4%. In December, retail sales growth accelerated to 15.2% over a year earlier, up from the previous month's 14.9%, the National Bureau of Statistics reported. Factory output growth rose to 10.3% from November's 10.1%. Data showing improvement in China, the world's number two economy, suggests increased energy demand, a key driver of oil prices. But analysts said that demand in 2013 could be affected "as the risk of more protracted debate over fiscal policy, which would sap sentiment, could emerge again later in the year" in among US leaders in Washington.

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