West Texas Intermediate crude advanced after economic growth accelerated in China, the world’s largest oil-importing country, and on speculation that economic stimulus will continue in the U.S.
Futures rose as much as 1 percent as China’s gross domestic product expanded 7.8 percent in the July through September period, halting a two-quarter slowdown. Federal Reserve Bank of Chicago President Charles Evans said yesterday that the U.S. shouldn’t curb stimulus after a 16-day government shutdown. The U.S. is the second-biggest oil importer, according to the country’s Energy Information Administration.
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