Oil Prices Continue To Climb on China Demand

New York, NY, Jan. 11, 2010--Oil prices surged above $83 a barrel Monday in Asia on signs of strong Chinese demand.

Benchmark crude for February delivery was up 80 cents to $83.55 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

On Friday, the contract rose 9 cents to settle at $82.75.

China said Sunday that oil imports rose 14 percent last year to a record high in December, part of a 56 percent surge in overall imports last month.

A weaker dollar also helped boost oil prices, as investors buy commodities as a hedge against inflation.