Oil above $112 on China data

Oil prices rose above $112 a barrel on Tuesday, supported by a weaker dollar and expectations of steady demand growth after China, the world’s second-largest consumer, posted stronger-than-expected economic growth.

Brent crude futures were up $1.28 at $112.62 a barrel by 1122 GMT, gaining for a second day. US crude rose $2.17 a barrel from Friday's closing price to $100.87. There was no settlement price for the benchmark yesterday because of a US holiday. Analysts and traders said China’s 8.9 per cent fourth-quarter GDP growth had helped lift commodities and equities.