Oil rose more than a $1 a barrel on increased optimism the global economy is recovering after the release of stronger manufacturing data from the US. Light Crude increased $1.13 on Monday to close at $78.13 and London Brent Crude rose $1.35 t $76.55.
“A string of economic data led by higher US manufacturing numbers gave the oil markets a shot in the arm,” said Phil Flynn, an analyst at PFGBest Research in Chicago. “Oil futures are still trading in the recent range here, but the market is sensing that, if manufacturing continues to be strong, that will translate into higher demand for oil.”