Oil prices rise above $78 a barrel

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Posted: Dec 1, 2009 7:30 AM by John Pastorek
Updated: Dec 1, 2009 7:35 AM
Source: Associated Press

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Topics: oil, oil prices, benchmark crude, China, electronic trading, New York Mercantile Exchange, manufacturing

Oil prices rose above $78 a barrel Tuesday, driven by positive economic data from China, the dollar's weakness against the euro and options on world stock markets.

By early afternoon in Europe, benchmark crude for January delivery was up 85 cents to $78.13 in electronic trading on the New York Mercantile Exchange.

A Chinese industry group released a survey showing manufacturing activity expanded in November for a ninth straight month, a sign oil demand in China may be on the rise.

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