Oil rises on U.S. positive data

U.S. oil price rose on Tuesday as a bunch of economic data came in positive, lifting market sentiment. U.S. overall retail sales continued to gain 0.5 percent in October after a 1.1-percent jump in September, beating analysts' expectation. U.S. October Producer Price Index fell 0.3 percent, better than the projected 0.1 increase. According a survey conducted by the New York Federal Reserve, a gauge of manufacturing in this region climbed to 0.61 in November, edging up to the positive territory for the first time since May. It indicated more optimism in six-month outlook for general conditions, boosting hopes for economic picking up in the fourth quarter. Besides, data showed that Germany and France, the biggest two economies in the eurozone expanded in the third quarter, adding weight to crude prices. But Italian government bond yield topped 7 percent again, signaling the contagious risk of European debt crisis. The euro slipped to a five-week low against the Japanese yen, while the dollar rose against a basket of currencies, limiting oil's gains. And pressured by the looming European debt prospects, trading volume kept going thin. Light, sweet crude for December delivery gained 1.23 dollars, or 1.25 percent to settle at 99.37 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery climbed 50 cents, or 0.45 percent to close at 112.39 dollars a barrel.