Oil up in Asian markets

Oil prices gained profits in Asian markets on Monday as investors welcomed data indicating a continued economic pick-up in China, the world's largest energy consumer. New York's main contract, light weight crude for delivery in January climbed 29 cents to reach USD 86.22 per barrel and Brent North Sea crude for January delivery added 39 cents to reach USD 107.41. The National Bureau of Statistics on Sunday released data showing production at China's factories, workshops and mines rising 10.1 percent on annual base, during last November. The statistics indicate a recovery of profits in comparison with the gain of 9.6 percent in China Consumer Sentiment Indicator in last October which has led to optimism that the worst of a slowdown of the world's second biggest economy may come to an end. Refinery utilization in china rose by 9.1 percent to reach 41.61 million tons or 10.125 barrel per day, in comparison with 2011, considering that companies started operating new refining units amid recovery of demand.