Oil prices rise as China's economy rebounds

NEW YORK (AP) — Oil prices ticked higher today as OPEC said the world would consume more crude in 2010 than previously expected, and China said its economy improved.

Benchmark crude for December delivery added 9 cents to $79.14 a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery rose 35 cents to $77.85 on the ICE Futures exchange.

The Organization of Petroleum Exporting Countries revised its previous estimates for global oil demand growth to 750,000 barrels per day, up 50,000 barrels a day from last month’s estimate.

But OPEC also warned that higher oil prices “could dampen world oil demand in the coming year.”

Meanwhile, China said industrial output and retail sales rose sharply, and exports fell by the smallest amount in 10 months.