Oil Approaches $100 a Barrel as U.S. Retail Sales Boost Optimism

Bloomberg reported that oil approached $100 a barrel as U.S. retail sales surged in October, raising hopes that the economy will recover this quarter.

As quoted in the market news:

Crude oil for December delivery rose $1.23, or 1.3 percent, to $99.37 a barrel on the New York Mercantile Exchange, the highest settlement since July 26. Futures reached an intraday high of $99.84.

Click here to read the full Bloomberg report.