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Global Economic Outlook Improves, Bolstering Crude Oil Prices

December 2, 2010 at 1:08 by Vladimir Vyun

Crude oil jumped today on signs of global economic recovery, which may lead to an increasing demand for a fuel. China’s Manufacturing PMI rose from 54.7 to 55.2 in November. US employers added 93,000 jobs in November, following an increase by 83,000 in October.

Confidence in the global economy also improved on speculation that Eurozone policy makers may find a solution to the debt crisis on tomorrow’s meeting of the European Central Bank. The Standard & Poor’s 500 Index rose as much as 2.2 percent to 1,206.06. The Dow Jones Industrial Average grew 2.3 percent to 11,260.96. The OPEC output of crude oil declined 0.3 percent (80,000 barrels) in November to an average 29.05 million barrels per day.

January delivery for crude oil rose $2.64 to $86.75 per barrel on NYMEX, the highest level in three weeks. January settlement for Brent crude oil gained $2.95 (3.4 percent) to $88.87 a barrel on ICE.

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