Oil Is Near Eight-Week High on China, U.S. Economic Optimism - San Francisco Chronicle

Oct. 4 (Bloomberg) -- Oil traded near an eight-week high in New York after gains in U.S. consumer spending and Chinese manufacturing bolstered optimism fuel consumption from the world's two largest energy users would grow.

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Futures traded above $81 a barrel for a second day after a Commerce Department report on Oct. 1 showed consumer spending, the biggest part of the U.S. economy, increased in August as incomes climbed. Prices also rose as China's purchasing managers' index gained in September at the fastest pace in four months. Crude for November delivery was at $81.52 a barrel, down 6 cents, in electronic trading on the New York Mercantile Exchange at 2:33 p.m. Singapore time after reaching $81.87. On Oct. 1, the contract surged $1.61 to $81.58, the highest settlement since Aug. 5, capping the biggest weekly gain since February.

Oil Is Near Eight-Week High on China, U.S. Economic Optimism - San Francisco Chronicle