China, the globe's second-largest consumer of the energy commodity, released economic data indicating imports of crude oil pushed to a record level, which also prompted oil's advances. The Asian nation's worldwide acquisitions last month were 12 percent higher as compared to the same period one year ago. The rise in value on Wednesday marked the sixth climb in seven days.
"The Cushing draw is helping boost WTI prices," analyst and broker Gene McGillian with Tradition Energy in Stamford, Connecticut told the news source on Wednesday. "We have positive indications that Chinese crude-oil imports set another record. Crude's rally marches on."
At 9:20 a.m. on Wednesday, WTI crude oil futures rose 1.22 percent, a $1.22 lift to $101.16 per barrel. At 9:21 a.m., Brent crude oil futures increased 0.63 percent, a 69-cent climb to $109.37 per barrel.
Reuters reports daily production of North Sea oil will fall by 7 percent for the period from February to March, according to data monitored by the news service.
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