The price of oil is climbing on reports that U.S. factories have cranked into a higher gear. Benchmark U.S. crude increased Monday by $1.07 to $104.09 per barrel in New York while Brent crude rose by 68 cents to $123.56 per barrel in London.
Oil prices fell below $93 a barrel Monday in Asia as investors mulled whether slowing global economic growth justified a surge in crude this month. Benchmark crude for December delivery was down 79 cents at $92.53 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 64 cents to settle at $93.32 in New York on Friday.