Oil rose for a second day in New York, extending its rebound from the lowest level in four months, after China’s crude refining held near a record and reports signaled the nation’s economy is recovering. Futures gained as much as 0.6 percent after advancing 0.8 percent yesterday. China, the world’s second-biggest oil user, processed 9.44 million barrels a day of crude in October, near the record of 9.47 million in September, data from the National Statistics Bureau showed today. Industrial output and retail sales beat economists’ estimates. Prices are set to snap three weeks of losses even after slumping 4.8 percent, the most this year, on Nov. 7. West Texas Intermediate crude for December delivery rose as much as 49 cents to $85.58 a barrel in electronic trading on the New York Mercantile Exchange and was at $85.42 at 2:18 p.m. in Singapore. Futures gained 65 cents to $85.09 yesterday, rebounding from the lowest close since July 10. Prices are up 0.7 percent this week and down 14 percent this year. Brent oil for December settlement advanced 17 cents to $107.42 a barrel on the ICE Futures Europe exchange. The European benchmark crude was at a premium of $22 to New York- traded WTI. China’s industrial output accelerated for a second month in October, climbing 9.6 percent from a year earlier compared with a median estimate of 9.4 percent in a Bloomberg survey. Retail sales advanced 14.5 percent, the most since March and beating a median estimate of 14.4 percent, the Beijing based bureau’s data showed. Europe Concern Oil may decline next week on concern that Europe’s debt crisis will further reduce economic growth and fuel demand in the region, a Bloomberg survey showed. Nineteen of 33 analysts and traders, or 58 percent, forecast New York futures will decrease through Nov. 16. Seven respondents, or 21 percent, predicted that futures will gain and seven said there will be little change in prices. Euro-area finance ministers may not make a decision on unlocking 31.5 billion euros ($40.1 billion) of aid for Greece until late November, a European Union official said yesterday. Finance chiefs will wait for a full report on the country’s compliance with the terms of its bailout, the official said on condition of anonymity because the deliberations are private. Crude in New York is in a downtrend channel on the daily chart, signaling price advances may not be sustainable, according to data compiled by Bloomberg. Futures have traded between the middle and lower Bollinger Bands for the past seven weeks. The indicators, representing technical resistance and support levels respectively, are at about $88.70 and $83 a barrel today. Hess Corp. (HES) hasn’t set a timeframe to resume operations at its Port Reading refinery in New Jersey because the local power authority said a substation must be repaired before enough power is available to support the restart, Hess said in an e-mailed statement today. The 70,000 barrel-a-day plant was shut before Hurricane Sandy struck the U.S. East Coast on Oct. 29. To contact the reporters on this story: Jacob Adelman in Tokyo at jadelman1@bloomberg.net; Ann Koh in Singapore at akoh15@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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