June 11 (Bloomberg) -- Crude oil rose for a third day above $72 a barrel after China’s net imports climbed to a 14-month high in May and a government report showed U.S. crude and gasoline stockpiles unexpectedly fell. China, the world’s second-biggest energy user, increased its net crude purchases to 16.62 million metric tons, or 3.9 million barrels a day, according to data released by customs on its Web site today. Oil was also supported by a 4.38 million barrel drop in U.S. stockpiles. “China’s oil import number should be seen in a positive light for the oil price,” said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. “That’s pretty strong. I think that will be a supportive factor.” Crude oil for July delivery gained as much as 85 cents, or 1.2 percent, to $72.18 a barrel in after-hours electronic trading on the New York Mercantile Exchange and was at $72.08 at 3:01 p.m. Sydney time. Yesterday, the contract rose $1.32, or 1.9 percent, to close at $71.33, the highest settlement since Oct. 20. U.S. oil stockpiles dropped to 361.6 million in the week ended June 5, the Energy Department said yesterday. Analysts surveyed by Bloomberg News said supplies would rise by 100,000 barrels. Gasoline inventories slipped for a seventh week. China’s increase in net crude-oil imports in May was second only to a record of 16.9 million tons in March. Imports rose by 5 percent to 17.09 million tons from a year earlier and exports stood at 470,000 tons, up from 150,000 tons last year. China’s diesel market is showing signs of tight supply, Jin Anyao, the deputy head of PetroChina Co.’s sales department, said at a conference in Beijing today. China may import more than 50 percent of its crude oil needs this year, he said. China Investment China’s spending on factories, property and roads surged a more-than-estimated 32.9 percent from a year earlier, the statistics bureau said today, helping to drive a recovery in the world’s third-largest economy and drive up demand for fuel. The Organization of Petroleum Exporting Countries will only consider increasing output when the price of crude rises to $100 a barrel, according to Kuwaiti Oil Minister Sheikh Ahmed al- Abdullah al-Sabah. OPEC is scheduled to meet on Sept. 9. U.S. fuel demand in the past four weeks averaged 18.3 million barrels a day, down 6.9 percent from a year earlier, the Energy Department said. There was a 7.7 percent deficit in the week ended May 29. Gasoline use averaged 9.2 million barrels a day during the period, up 0.4 percent from a year ago. Fuel imports to the U.S. dropped 379,000 barrels a day to 2.55 million, the department said. Crude-oil imports slipped 676,000 barrels to 8.97 million. Gasoline Stockpiles Stockpiles of gasoline fell 1.55 million barrels to 201.6 million, the Energy Department report showed. A 750,000-barrel increase was forecast, according to the median of 14 estimates by analysts surveyed before today’s report. “The big news last night was the bigger than expected decline in stockpiles,” said Toby Hassall, a research analyst at Commodity Warrants Australia Pty in Sydney. “That’s somewhat of a fundamental justification for this rally continuing in the short term.” Gasoline supplies last week were 3.9 percent below the five-year average for the period, according to the department. There was a 13 percent surplus in the week ended May 22. Gasoline for July delivery gained 2.07 cents, or 1 percent, to $2.0360 a gallon at 3:14 p.m. in Sydney. Yesterday, it rose 4.86 cents, or 2.5 percent, to $2.0153 a gallon in New York, the highest close since Oct. 9. Brent crude for July delivery rose as much as 75 cents, or 1.1 percent, to $71.55 on London’s ICE Futures Europe exchange. The contract was at $71.33 a barrel at 3:17 p.m. in Sydney. Yesterday, it settled at $70.80, the highest since Oct. 20.

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