Oil Rises 4th Day as China's Crude Imports Hit Record

Oil rose for a fourth day after China, the world's second-biggest energy consumer, increased crude imports to a record in June. Oil climbed as China's net purchases rose to 22.14 million metric tons or 5.39 million barrels a day, beating the previous record of 10.98 million tons in April. U.S. fuel demand rose 3.2 percent in the week ended July 2, according to the Energy department.

The International Monetary Fund revised its World Economic Outlook, now saying that the global economy will grow 4.6% in 2010, the biggest expansion since 2007.

China imports of oil including gasoline and diesel reached 3.31 million tons in June, up from 3.18 in May. Exports for the country totaled 2.15 million tons in June, from 2.69 million tons in May.