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New York (AFP) Nov 1, 2010 The price of oil soared on Monday following strong manufacturing data from China and the United States, the world's biggest energy consumers. New York's main contract, light sweet crude for December, soared 1.52 dollars to close at 82.95 dollars per barrel. In London, Brent North Sea crude for delivery in December delivery jumped 1.47 dollars to settle at 84.62 dollars a barrel. "We had stronger Chinese manufacturing numbers, the ISM here was pretty good," helping to set the upbeat tone, said Lind-Waldock analyst Rich Ilczyszyn. Traders pored over data showing that Chinese manufacturing activity hit a six-month high in October, a sign that recovery in the world's second-biggest economy and top energy consumer has consolidated. And in the United States, the world's biggest oil consumer, a key industrial survey showed manufacturing unexpectedly picked up steam in October, raising hopes for a strong final quarter that could underpin the flagging US economic recovery. The Institute of Supply Management (ISM) said its survey of purchasing managers nationwide revealed strong gains in new orders and production, pushing up its index to 56.9 percent, from 54.5 percent in September. The surge was much stronger than a dip to 54.0 percent expected by most analysts. Elsewhere, Saudi Oil Minister Ali al-Nuaimi said Monday that current oil prices at above 80 dollars a barrel are within a "very comfortable zone." "Producers, consumers and companies are all happy with this price," he said, adding however that the crude market is "a little bit oversupplied."
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