Benchmark crude rose by $1.32 to $102.63 per barrel in morning trading in New York. Brent crude increased by 74 cents to $113.19 per barrel in London.
Prices climbed after China said oil imports grew 6 percent in December, when compared to a year earlier. Aluminum maker Alcoa Inc. also said it expects demand to rise this year in China.
Investors were also reassured after credit ratings agency Fitch Ratings said it won't downgrade France this year. A downgrade would have made it more expensive for France to raise cash to deal with the region's debt crisis.
Source: http://www.tulsaworld.com/site/articlepath.aspx?articleid=20120110_49_0_NWYRir792010&rss_lnk=298,297
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