Oil prices shot up to a two-week high this evening as positive data from the United States and China, the world's top two oil consumers, lifted investor confidence about economic recovery.
Jobs in the US private sector rose by the biggest margin in three years and manufacturing posted its 16th consecutive month of expansion. In China, the official purchasing managers' index (PMI), a gauge of factory activity, climbed to a seven-month high in November.
US crude gained $2.21 to $86.32 a barrel, while Brent crude rose $2.35 to $88.27. US crude oil inventories rose 1.1 million barrels last week, the US Energy Information Administration said, compared with economists' forecast for a 900,000 fall.
Oil also gained as the US dollar weakened against a basket of currencies. Oil and dollar-denominated commodities often move inversely to the dollar.
