Crude oil futures made a sharp rebound on Thursday amid speculation the OPEC may cut production to keep a check on prices at its meeting in Vienna next week. There were some positive economic data that too supported the prices. A Federal Reserve Bank of Philadelphia report showed its manufacturing activity index jumped to its highest level in over twenty years in November, while a Conference Board index of leading U.S. economic indicators rose more than anticipated in October. Traders overlooked the preliminary weak reading on Chinese manufacturing activity in November and euro zone private sector growth.
Benchmark crude oil futures for January delivery gained $1.35 or 1.8 percent to close at $75.85 a barrel after trading in a range of $75.90 and $74.20 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for January delivery gained 0.88 percent to $78.79 a barrel on the ICE.
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