Crude Oil Rises to Seven-Week High on China, U.S. Economic Data

Oil rose for a third day, headed for its biggest weekly gain since April, after economic data from the U.S. and China bolstered optimism that demand is growing in the world’s two largest consumers of the fuel.

Futures reached their highest level in more than seven weeks as China’s purchasing managers’ index rose in September at the fastest pace in four months, according to a report today. The U.S. government yesterday reported economic growth and a decline in jobless claims that exceeded forecasts. Oil also rose after OPEC member Ecuador declared a state of emergency after what it called a “coup attempt” yesterday.