NEW YORK – Crude oil prices increase world back slightly on Wednesday local time as the dollar rebounded against the data indicate strong growth in demand from consumers in China.

As quoted by Reuters on Thursday (12/11/2009), price of crude oil a stagnant U.S. 23 cents to $ USD79, 28 per barrel after a through $ 80. While the price of Brent crude oil futures rose 45 cents to $ 77, 95 per barrel.

China released data showing crude oil imports touched the highest levels in October, indicating that demand for oil continued to rise gradually from the sharp downturn in late 2008 and early this year.

“Rebound its dollar currency would help pull back the price of crude oil,” said analysts at BNP Paribas Commodity Futures Inc., Tom Bentz.

Investors have also poured money into oil and other commodities this year as economic data indicating widespread hyper fuel demand.

Producer group OPEC itself raises some estimates of world oil demand growth, but added that fuel consumption may not return to levels seen before the global economic slowdown.

While data from the industry group American Petroleum Institute, released late Tuesday showed larger estimated increase in U.S. crude oil stocks in the weeks to 6 November, and also benefits in gasoline and distillate inventories.