The price of crude oil futures jumped on Monday, as China posted double-digit growth in manufacturing activity. On the IntercontinentalExchange, West Texas Intermediate light, sweet crude oil futures for December delivery – an energy industry benchmark for the U.S. sector – rose 0.8 percent to $78.89 per barrel, after earlier surging about $79.40 per barrel.
Brent crude oil futures gained 1.225 percent to $79.13 per barrel, possibly reflecting higher growth in European economies and abroad, since the Brent crude futures contract is less U.S.-focused than the WTI.
Indeed, China saw its industrial production rise nearly 14 percent in August from a year before.
The U.S. has its own supply issues with oil; Enbridge Energy Partners still doesn't know when it will be able to restart its Line 6A oil pipeline, which runs through the Midwest supplying Canadian crude oil to refineries in America's heartland.
The pipeline was shut several days ago when it began leaking in Illinois. Earlier in the year, another pipeline on the same Enbridge system leaked hundreds of thousands of barrels of crude into a Michigan waterway.
"The Chinese economic data today increases the prospect for demand growth," Tom Bentz, a broker with BNP Paribas Commodity Futures in New York, told Bloomberg. "The Enbridge pipeline is still shut, which is keeping the front end of the market firm."
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