Oil Rises a Fourth Day as China’s Crude Imports Climb to Record

July 12 (Bloomberg) -- Oil rose for a fourth day in New York after China, the world’s second-biggest energy consumer, increased crude imports to a record in June.

Oil gained as China’s net purchases climbed to 22.14 million metric tons, or about 5.39 million barrels a day, according to preliminary data released July 10 by the General Administration of Customs. That beat the previous record of 20.98 million tons in April. U.S. fuel demand rose 3.2 percent in the week ended July 2, the Energy Department said.

“The Chinese trade data was quite strong for crude oil imports,” said David Moore, an analyst at Commonwealth Bank of Australia in Sydney. “U.S. demand has picked up over the year, but the strongest growth is in the developing economies.”

Crude for August delivery rose as much as 26 cents, or 0.3 percent, to $76.35 a barrel in electronic trading on the New York Mercantile Exchange and was at $76.27 at 10:05 a.m. in Sydney. The contract gained 65 cents, or 0.9 percent, to settle at $76.09 on July 9. Futures have declined 3.9 percent since the start of the year.

The global economy will grow 4.6 percent in 2010, the biggest expansion since 2007, the International Monetary Fund said on July 7 in revisions to its World Economic Outlook.

Brent crude for August settlement traded at $75.53 a barrel, up 11 cents, on the London-based ICE Futures Europe exchange at 9:26 a.m. Sydney time. The contract climbed 71 cents, or 1 percent, to settle at $75.42 July 9.