ST: Oil climbs to 25 month high on China demand and US supply
Reuters reported that oil reached a 25 month high for a fifth consecutive session recently as strong industrial output sent demand in China to a record and a surplus subsided in top consumer the United States.
US crude for December CLc1 rose 64 cents to USD 88.45 a barrel at 0709 GMT after touching USD 88.54 earlier, its highest since October 2008. ICE Brent LCOc1 added 64 cents to USD 89.60.
China industrial production grew 13.1% in October from a year earlier, boosting oil use in the world second largest consumer by 12% to a record 8.92 million barrels per day.
Government data showed recently that crude inventories in the US unexpectedly fell last week while declines in fuel stockpiles exceeded forecasts, as the nation oil demand increased by 2.9% on a rolling four-week basis.
