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Oil prices higher on expectations for rising demand after China reports strong growth
Oil prices are climbing on signs that China's economy may avoid a sharp slowdown and keep global demand strong.
Benchmark crude rose $1.60 to $100.30 per barrel Tuesday in New York. Brent crude fell 3 cents to $111.131 a barrel in London.
China said Tuesday that its economy grew by 8.9 percent in the fourth quarter. Retail sales and factory production improved in December. Although China's economy slowed slightly, growth was still robust, pointing to improving demand in the world's second-largest economy.
Meanwhile AAA said the national average for retail gas in the U.S. Tuesday was $3.38 per gallon. That's 15 cents more than a month ago and almost 29 cents more than a year ago.