Brent crude surged to a nine-month high in London

Brent crude surged to a nine-month high in London while oil in New York rose after stronger-than- expected trade data from China signaled increased fuel demand in the world’s second-biggest consuming country.

West Texas Intermediate oil in New York trailed Brent’s gain, boosting the European benchmark grade’s premium for an eighth day. China’s exports rose 25 percent in January from a year earlier and crude imports increased to the highest level in eight months, customs figures showed. Goldman Sachs Group Inc. said oil markets will “remain tight” in the first quarter and may push prices above its forecasts.

China bought 24.87 million metric tons of crude more than it exported last month, according to data published today on the website of the Beijing-based General Administration of Customs. That’s equivalent to 5.88 million barrels a day, the most since May, data compiled by Bloomberg show.

Brent oil for March settlement gained $1.62, or 1.4 percent, to $118.86 a barrel on the London-based ICE Futures Europe exchange. The contract increased as much as 1.4 percent to $118.92, the highest level since May 2. The volume of all futures traded was 32 percent higher than the 100-day average

WTI oil for March delivery rose 49 cents, or 0.5 percent, to $96.32 a barrel on the New York Mercantile Exchange. The contract gained as much as 0.8 percent to $96.57. Volume was 28 percent more than the 100-day average. Prices are down 1.5 percent this week, after advancing 14 percent over the prior eight weeks.