(MENAFN- AFP) US oil prices rose sharply Monday at the start of a busy week of economic data expected to further strengthen confidence in the comparative strength of the American economic recovery.
US benchmark West Texas Intermediate (WTI) for November delivery gained $1.03 to close at $94.57 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for November delivery rose 20 cents to $97.20 a barrel in London.
Matt Smith, analyst at Schneider Electric, said trade action mainly was the result of "position taking ahead of the data this week."
Key US data set for release in the world's largest crude-oil consuming country include the Conference Board's report on consumer confidence for September and the Department of Labor's monthly jobs report for September.
The US Department of Energy will release its weekly oil inventory report Wednesday. Last week's report showed a surprisingly big drop in oil supplies.
On Monday, the Commerce Department reported that US consumer spending rose 0.5 percent in August, while personal income increased 0.3 percent.
Smith noted that consumer spending, the main engine of the US economy, had picked up slightly more than expected last month.
The US data come amid rising concern about economic growth in Europe and China.
Gene McGillian, broker and analyst at Tradition Energy, said WTI has been supported by strong demand from US refineries in September.
Meanwhile,the Brent market has been weakened by reports that Libyan oil production has grown to some 900,000 barrels a day from 200,000 barrels earlier this year, he said.
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