Oil rises on strength in Germany, China

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Associated Press

Posted on December 10, 2012 at 8:30 AM

NEW YORK (AP) — Oil prices are rising slightly on a surprise expansion of German exports and signs of increased oil consumption in China.

Benchmark crude rose 22 cents to $86.15 just before 10 a.m. in New York.

The German government said Monday that exports from Europe's biggest economy rose slightly in October after losing ground the month before. They were 10.6 percent higher than October a year earlier.

And in China, the world's second-largest economy after the United States, crude imports last month were the highest in half a year. The oil demand data was released a day after another set of figures showed that China's industrial production and retail sales exceeded expectations in November.

In the U.S., pump prices are now averaging $3.34 a gallon, up 6 cents from a year ago.

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