Encouraging US economic data boosted oil prices, sending WTI crude oil for November delivery above 80 for the first time in 7 weeks. The front-month contract jumped to as high as 80.18 before settling at 79.97, up +2.71%. On monthly basis, crude oil surged +11.19% in September, the biggest rally since March 2009. Oil’s rally over the past 2 days was partly a catch-up of recent strength in the stock market. Crude oil had been moving range-bounded last month.
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Oil Breaks above 80 as Manufacturing Activities Show Strength
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