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New York (AFP) Dec 1, 2010 Oil prices rose sharply on Wednesday boosted by strong economic data from the world's two largest economies, the United States and China. New York's main contract, light sweet crude for January, gained 2.64 dollars to 86.75 dollars. Brent North Sea crude for delivery in January jumped 2.95 dollars to 88.87 dollars a barrel in London trade. "There has been just a raft of bullish news today, starting with the overnight news out of China, the employment data in the US," said analyst John Kilduff of Again Capital. Surveys in China showed a strong pick-up in manufacturing activity and in the United States, a much stronger-than-expected rise in private sector employment lifted confidence the US economic recovery was well under way. Energy demand is also being bolstered by plummeting temperatures and heavy snowfall across Europe, Barclays Capital said in a note to clients. "Some price support has come from estimates of colder-than-normal temperatures in Europe, pointing to strong seasonal demand for heating oil," it noted.
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