WASHINGTON (dpa-AFX) - Crude oil futures continued to rise Monday amid turbulence in the Middle East and hopes for further demand from China.
Nov. WTI oil settled at $51.87/bbl, up 42 cents, or 0.8%, the highest since September 27.
The Iraqi government began a military assault on the independence efforts of the nation's Kurdish minority, disrupting supplies from some key oil fields.
Meanwhile, an oil platform exploded in Lake Pontchartrain on Sunday evening near New Orleans. Seven people were injured in the explosion.
Manufacturing firms in New York reported that business activity continued to expand strongly in the month of October.
The New York Fed said its general business conditions index climbed to 30.2 in October from 24.4 in September, with a positive reading indicating growth in regional manufacturing activity.
The increase came as a surprise to economists, who had expected the New York manufacturing index to drop to 20.7.
Copyright RTT News/dpa-AFX