Crude oil futures rose on Thursday, but retreated from record highs near the $90-per-barrel mark. On the IntercontinentalExchange, Brent crude oil futures for December delivery rose 0.157 percent to $89.10 per barrel, after earlier moving past $89.60 per barrel.
New York Mercantile Exchange West Texas Intermediate light, sweet crude oil futures for December delivery gained 17 cents to $87.98 per barrel, with an intraday high of $88.63 per barrel.
Rising growth in the United States and in China has helped offset weakness in European nations like Spain, which had zero growth in gross domestic product in the third quarter. A key figure was the increase in fixed asset investment in China's urban regions, which rose from January 2010. The more China builds up its cities and roads, the more oil it will need.
Chinese data also showed record refinery volumes of 8.75 million barrels per day in the month of October. China, as the world's largest energy consumer, still lags behind the U.S. in oil consumption.
"The markets are a little bit wary that we are due for a bit of a correction even though this thing keeps trying to roll forward," Peter Donovan, the vice president of Vantage Trading in New York, told Dow Jones Newswires.
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