Crude Oil Jumps On Signs Of An Improving Economy

Light sweet crude oil for November delivery is up 2.65% to $86.46 a barrel, after closing at $84.45 a barrel yesterday. 

This move comes after U.S. retail sales blew past expectations at 8:30 AM ET. The data suggests that energy consumption would likely increase as consumers seem willing to spend. Oil prices also rose on optimism of a resolution of the European crisis by EU leaders, ahead of their summit next week.

crude oil futures

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.