NEW YORK, Oct. 29 - Crude prices ended 3 percent higher on Thursday, rallying on news that U.S. economy grew faster than expected in the third quarter, raising hopes for a speedy recovery in energy demand.
Light, sweet crude for December delivery rose 2.41 U.S. dollars, or 3.0 percent, to settle at 79.87 dollars a barrel on the New York Mercantile Exchange.
Oil's advance came as the U.S. Commerce Department said the world's largest economy expanded by 3.5 percent in the third quarter of the year, more than analysts previously predicted, boosting hopes that U.S. energy demand will be soon lifted by the economic recovery.
Meanwhile, robust gains on equities markets and losses in the U.S. dollar against other currencies also encouraged buying in the commodities markets.
In London, Brent Crude for December delivery gained 2.28 dollars to 78.14 dollars a barrel on the ICE Futures exchange.
Light, sweet crude for December delivery rose 2.41 U.S. dollars, or 3.0 percent, to settle at 79.87 dollars a barrel on the New York Mercantile Exchange.
Oil's advance came as the U.S. Commerce Department said the world's largest economy expanded by 3.5 percent in the third quarter of the year, more than analysts previously predicted, boosting hopes that U.S. energy demand will be soon lifted by the economic recovery.
Meanwhile, robust gains on equities markets and losses in the U.S. dollar against other currencies also encouraged buying in the commodities markets.
In London, Brent Crude for December delivery gained 2.28 dollars to 78.14 dollars a barrel on the ICE Futures exchange.
