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.
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