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Oil rose after U.S. retail sales increased more than projected in October, bolstering optimism that the economy of the largest crude-consuming country will expand this quarter.
Futures climbed as much as 1.2 percent after the Commerce Department said sales gained 0.5 percent last month following a 1.1 percent increase in September. The median forecast of 81 economists surveyed by Bloomberg News was a rise of 0.3 percent. Other reports showed wholesale prices dropped in October and manufacturing in the New York region expanded in November.
Crude for December delivery rose to $99.34 a barrel on the New York Mercantile Exchange. The contract dropped to $97.51 earlier today.
The Brent contract for December settlement, which expires today, gained 90 cents, or 0.8 percent, to $112.79 a barrel on the London-based ICE Futures Europe exchange. The January contract climbed 68 cents, or 0.6 percent, to $111.96.
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