Oil prices rise on China economic report

NEW YORK (AP) ? Oil prices are climbing on signs that China's economy may avoid a sharp slowdown and keep global demand strong.

Benchmark crude rose $1.60 to $100.30 per barrel in Tuesday morning trading in New York. Brent crude fell 3 cents to $111.131 a barrel in London.

China said Tuesday that its economy grew by 8.9 percent in the fourth quarter. Retail sales and factory production improved in December. Although China's economy slowed slightly, growth was still robust, pointing to improving demand in the world's second-largest economy.

Crude's gains also followed increases on stock markets as successful bond auctions by France and Spain eased jitters over Europe's debt crisis and suggested Standard and Poor's downgrades of the countries is having little effect on investor confidence.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-17-Oil%20Prices/id-830bb534b5da40ca9d8c625392397169

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