The price of oil extended gains above $100 a barrel Monday as a rebound in Chinese credit growth suggested steady demand in one of the world’s largest petroleum consumers. Benchmark U.S. crude for March delivery was up 47 cents to $100.77 a barrel at 0630 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 5 cents to close at $100.30 a barrel Friday. Favorable credit growth numbers from China suggested its economy is avoiding a sharp slowdown, which would keep demand for energy steady. Lending by Chinese banks and in the largely unregulated underground market rebounded to 2.6 trillion yuan ($430 billion) in January from December’s 1.2 billion yuan, according to the central bank. Lending usually surges at the start of a new year but January’s rise exceeded forecasts and might help to ease worries about cooling retail sales, manufacturing and other activity. Brent crude, […]