Oil Rises on U.S., Chinese Economic Data, Easing Debt Concern

Crude rose to the highest level in almost three weeks on greater-than-forecast growth in U.S. private employment and Chinese manufacturing and on signals the European Central Bank will act to prevent the spread of the region’s debt crisis.

Prices surged 3.1 percent as companies in the U.S. boosted payrolls the most since November 2007, according to figures from ADP Employer Services. Chinese manufacturing expanded at the fastest rate in seven months. Futures reached the day’s high after Goldman, Sachs & Co. said oil will average $110 a barrel in 2012, up from a forecast $100 a barrel next year.