Oil Trading Near $90 a Barrel on High Demand

Oil traded near a two-year high close to $90 early Monday as a report showed continued high demand in China, Bloomberg reported.

Crude futures were near a two-year high level after closing below $88 last week. Last Monday’s $89.38 per-barrel closing price was the highest since October 2008.

China boosted its net crude imports by 26% in November from a month earlier as its refineries ramped up production, Bloomberg reported.

Diesel hit a two-year high $3.197 a gallon last week in the Department of Energy’s weekly survey; DOE will release its next survey Monday afternoon in Washington.