Oil falls on mixed economic data

U.S. crude oil price fell on Thursday as U.S. economic data came in mixed, but Brent crude rose ahead of a European summit on Sunday. U.S. sales of existing homes dropped 3 percent in September, offsetting the positive news that U.S. initial jobless claims fell 6,000 last week and factory activity in the U.S. Mid-Atlantic region rebounded, according to data from the National Association of Realtors. And in Libya, former leader Muammar Gaddafi was confirmed to be killed, which made analysts believe that the long-time disruption of oil production in Libya would come to an end. But some experts also thought there would still be challenges for Libya to restore stability and full oil production. But Brent crude rose amid hopes for a positive outcome at Sunday's EU summit. French and German leaders announced that the summit would continue to address the bloc's debt problems and another meeting would be held before Wednesday. Light, sweet crude for November delivery fell 81 cents, or 0.94 percent to settle at 85.30 dollars a barrel on the New York Mercantile Exchange. But in London, Brent crude for December delivery rose 1.38 dollars, or 1.27 percent to close at 109.77 dollars a barrel.