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Why crude oil prices climbed on Tuesday and settles for 78 dollars?

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Why crude oil prices climbed on Tuesday and settles for 78 dollars?

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Crude oil rose as Chinese crude imports climbed in October to the second-highest level ever as increased production spurred fuel demand. China’s net oil imports were almost 19 million tons, or 4.5 million barrels a day, according to the Beijing-based customs office. China’s industrial output expanded last month, signaling a strengthening recovery in the world’s second-biggest oil- consuming country after the U.S. “The Chinese numbers are obviously very supportive,” said John Kilduff, partner at Round Earth Capital, a hedge fund that focuses on food and energy commodity investments, in New York. “The consistently high import numbers fly in the face of those who say there is nothing fundamental about the rise in oil prices.” Oil for December delivery rose 23 cents, or 0.3 percent, to settle at $79.28 a barrel on the New York Mercantile Exchange. Prices climbed 1.3 percent to $80.10 and dropped as much as 0.6 percent during today’s session. Futures have increased 78 percent this year. Chi

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About Stock Market Update: ‘Oil settles above 78 on sliding dollar middletown press’ has been archived and no longer available. Please select a current Buying lead event below to view. Oil and Crude Oil News Update: Oil falls below $78 amid US crude supply jump – Herald Tribune Posted: Wed, 02 Dec 2009 16:03:00 GMT Ample supply drives oil below $77 per barrel – Daily Oklahoman Posted: Wed, 02 Dec 2009 16:32:00 GMT UPDATE 8-Oil rises more than $1 on China, weak dollar – Forex Pros Posted: Tue, 01 Dec 2009 19:18:00 GMT Iran sees no need to change oil output ahead of OPEC meeting – English_Xinhua Posted: Sun, 29 Nov 2009 14:48:00 GMT Crude oil stockpiles increased 2.1 million barrels – San Francisco Chronicle Posted: Wed, 02 Dec 2009 15:42:00 GMT Oil falls below $78 amid U.S. crude supply jump – The Trucker Posted: Wed, 02 Dec 2009 16:03:00 GMT Oil Falls Below $77 on Decline in Crude Supply – CNBC Posted: Wed, 02 Dec 2009 16:17:00 GMT Crude Falls To Fresh Lows Following Inventory Data – <

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Crude prices increased on Tuesday and settles for 78 dollars as report came crude demand is increasing in China and weakening dollar. Sources: http://rr.

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