Crude prices rose on Monday as the Organization of Petroleum Exporting Countries (OPEC) weekend meeting in Ecuador kept production quotas unchanged and China's strong economic data suggested rising demand.
The oil ministers of OPEC decided to maintain the output quotas, which matches market expectations but still boosts investors' sentiment.
China's retail sales rose at an 18.7-percent annualized rate in November, indicating a strong economy in the country.
On Monday, the U.S. dollar index, which tracked the performance of the dollar against a basket of currencies, fell by over 1 percent. This also gave oil prices a lift.
Light, sweet crude for January delivery gained 82 cents to 88. 61 U.S. dollars a barrel on the New York Mercantile Exchange.
The oil ministers of OPEC decided to maintain the output quotas, which matches market expectations but still boosts investors' sentiment.
China's retail sales rose at an 18.7-percent annualized rate in November, indicating a strong economy in the country.
On Monday, the U.S. dollar index, which tracked the performance of the dollar against a basket of currencies, fell by over 1 percent. This also gave oil prices a lift.
Light, sweet crude for January delivery gained 82 cents to 88. 61 U.S. dollars a barrel on the New York Mercantile Exchange.
