Oil Rises to Record as China’s Growth Expected to Boost Demand

Crude oil futures rose to a record $55.45 a barrel in New York after a report that the Chinese economy grew more than expected. Oil’s rally lifted heating oil to a record and natural gas to a 20-month high.
China last year surpassed Japan as the world’s second- largest oil consumer after the U.S., because of a surging economy. Chinese oil use is expected to jump 15 percent to 6.3 million barrels a day this year, the International Energy Agency said. Oil has also risen on concern that U.S. stockpiles of heating oil are insufficient to meet winter demand.

Bloomberg