Oil near US$94 as China inflation up

Benchmark oil for February delivery was down 3 cents to US$93.79 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

The contract rose 72 cents to finish at US$93.82 a barrel in New York on Thursday, a gain that traders attributed to a rebound in China's trade growth, which suggests a possible recovery in global demand.

Brent crude, used to price international varieties of oil, fell 31 cents to US$110.80 per barrel on the ICE Futures exchange in London.

Data released Thursday showed China's export growth in December more than quadrupled from the previous month's level to 14 percent. Imports rose 6 percent, after failing to grow at all in November, in a sign of increasing domestic demand.

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