Oil Rises to Three-Month High at $80 on China Growth Outlook

Oil rose to the highest level in almost three months as China’s economic outlook and advancing equities reassured investors the global recovery is on track.

Crude oil surged past $80 a barrel in New York on speculation that China’s government will reverse policies aimed at slowing growth in the world’s largest energy user. Indexes of Chinese manufacturing dropped to the lowest level in more than a year, two reports showed today. The Shanghai Composite Index gained 1.3 percent. Crude also climbed as the dollar weakened.