By Rachel Graham Nov. 11 (Bloomberg) -- Oil advanced as Chinese crude imports neared a record high and the dollar weakened, buoying demand for commodities as an alternative investment. China’s net oil imports were almost 19 million tons, or 4.5 million barrels a day, the second-highest on record, according to data released by the Beijing-based customs. The dollar traded as low as $1.5045 against the euro, spurring investor demand for oil and other commodities as a hedge against inflation. “There are no signs the Chinese will start importing less,” Frank Schallenberger, head of commodities research at Landesbank Baden-Wuerttemberg, said by phone from Stuttgart. “The figures were surprisingly strong, and the dollar moved across the $1.50 mark.” Oil for December delivery rose as much as 60 cents, or 0.8 percent, to $79.65 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $79.39 a barrel at 12:48 p.m. London time. Oil has gained 78 percent this year. China, the second-largest oil consumer after the U.S., said imports rose as industrial production spurred fuel demand. Last month’s net imports were the highest since July’s record 19.2 million barrels. “These figures help confirm the view that the growth in oil demand is going to come from China and other emerging markets,” Sintje Diek, an analyst with HSH Nordbank, said by phone from Hamburg. Countries outside the 30-nation Organization of Economic Cooperation and Development will account for more than 90 percent of the increase in global energy demand between 2007 and 2030, the Paris-based International Energy Agency said yesterday. ‘Very Comfortable’ Brent crude for December settlement advanced as much as 72 cents, or 0.9 percent, to $78.22 a barrel on the London-based ICE Futures Europe exchange and traded at $78 a barrel at 12:49 p.m. local time. The global crude oil market is “very comfortable” and OPEC is unlikely to increase production quotas significantly, Abdullah bin Hamad al-Attiyah, Qatar’s energy minister, told reporters today in Singapore. “There’s no shortage of supply.” The Organization of Petroleum Exporting Countries will make “no dramatic change” in output when the group meets next month, he said after attending a signing ceremony for a new chemicals joint venture with Royal Dutch Shell Plc. The U.S. Energy Department will publish its weekly inventory report tomorrow. U.S. crude-oil inventories probably rose last week as imports increased, a Bloomberg News survey of analysts showed. A report from the American Petroleum Institute yesterday showed crude inventories climbed 1.22 million barrels last week to 337.5 million and gasoline supplies rose by 1.4 million barrels. The Petroleum Institute collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. To contact the reporter on this story: Rachel Graham in London rgraham13@bloomberg.net

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