February 12, 2014 5:53 PM

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Brent edges higher toward $109 a barrel

Brent crude oil futures edged higher toward 109 dollars a barrel, today, after data showed that Chinese oil imports hit a record high in January, raising hopes of strengthening demand from the world's second largest economy. Crude oil imports in the world's biggest net oil importer rose 11.9 percent in January from a year earlier, to a record 28.2 million tonnes, customs data showed. Also signalling a reversal of the recent economic slowdown in China, exports beat expectations, rising 10.6 percent in January from a year earlier, while imports jumped 10 percent. So Brent crude for March delivery rose 6 cents, at 108.74 dollars a barrel. U.S. crude gained 62 cents, to 100.56 dollars a barrel.

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