Crude oil prices gain on data

The price of crude oil rose Monday on new data indicating that the economy is getting better, raising hopes that fuel demand will rise.

Reports from both the US and China showed that manufacturing is those two economies is expanding as the HSBC China Purchasing Managers’ Index rose to 55.4 in October, its highest in a year and a half, while the US-based Institute for Supply Management’s factory index was up to 55.7 for its best showing in three and a half years.

Additionally, the National Association of Realtors reported that its pending home sales index was up 6.1 percent in September, to it’s best mark in almost three years.

At less than ten minutes before the close of trade on the New York Mercantile Exchange, December contracts for West Texas Intermediate had added 89 cents to $77.89 per barrel, while Brent crude was up $1.11 to $76.31 per barrel on the ICE Futures Europe exchange in London.

Nymex December gasoline futures were up 3 cents to $1.99 per gallon while December heating oil added 4 cents to $2.05 per gallon but December natural gas dropped 19 cents to $4.86 per million British thermal units.

The retail price of gasoline, up to a new high for the year last Friday, was down 0.2 cent overnight to $2.691 per gallon, AAA said.