NEW YORK, Dec. 21 (Xinhua) -- Crude prices rallied Friday as the U.S. government reported that consumer spending surged last month.
The Commerce Department said consumer spending jumped 1.1 percent in November, the biggest one-month gain since 2004 and well above analyst expectations for a 0.7 percent increase.
The report raised investors' hopes that demand for oil and gasoline will strengthen.
Light, sweet crude for February delivery rose 2.25 U.S. dollars to 93.31 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude rose 1.58 dollars to 92.46 dollars a barrel on the ICE Futures exchange.
The Commerce Department said consumer spending jumped 1.1 percent in November, the biggest one-month gain since 2004 and well above analyst expectations for a 0.7 percent increase.
The report raised investors' hopes that demand for oil and gasoline will strengthen.
Light, sweet crude for February delivery rose 2.25 U.S. dollars to 93.31 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude rose 1.58 dollars to 92.46 dollars a barrel on the ICE Futures exchange.
