Crude Prices Up on Improved Economic Outlook

  @ibtimes on

Crude for January delivery rose $1.23, or 1.6%, to end at $77.28 a barrel on the New York Mercantile Exchange Monday. Further boost to Oil prices came after the Institute for Supply Management Index for the Chicago area climbed to 56.1, the highest level since August 2008. Furthermore, China's manufacturing growth maintained the fastest pace in 18 months in November.

The Oil market was also supported by tensions with Iran, as the country announced over the weekend its intention to build 10 uranium-enrichment plants. Iran is the world's fourth-biggest Oil producer.

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