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Oil rises as bullish economic data lift recovery optimism       Updated:November 03 05:27

NEW YORK, Nov. 2 (Xinhua) -- Crude prices gained on Monday as strong U.S. economic data lifted hopes for recovery in the market.

Light, sweet crude for December delivery rose 1.13 U.S. dollars, or 1.5 percent, to settle at 78.13 dollars a barrel on the New York Mercantile Exchange.

Oil got boosted at the report that U.S. manufacturing sector expanded in October at the fastest pace in more than three years, according to the Institute for Supply Management.

Adding to oil's gains were the facts that U.S. construction spending rose in September while the number of signed contracts to buy previously occupied homes rose for the eighth straight month in the same period.

In London, Brent Crude for December delivery added 1.35 dollars to settle at 76.55 dollars a barrel on the ICE Futures exchange.