Oil prices rebound on US data

Oil prices rose Thursday following strong economic reports from the US that offset disappointing data from China and the eurozone.
US benchmark West Texas Intermediate for December delivery gained $1.00 to $75.58 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for January delivery advanced $1.23 to $79.33 a barrel in London.
A regional manufacturing index from the  Federal Reserve Bank of Philadelphia surged unexpectedly, while the Conference Board's Leading Economic Index, an amalgamation of several key economic indicators, also improved.
US existing-home sales gained in October for the second straight month.
"The economic data from the US today was strong and that helps," said Carl Larry, director of oil and gas for Frost & Sullivan, a consultancy.
The strong results from the US, the world's biggest oil consumer, offset a disappointing report on Chinese manufacturing. HSBC's preliminary November purchasing managers index (PMI) for China fell to 50 from 50.4 in October. A rating below 50 means contraction.
A composite PMI of eurozone business activity dropped to 51.4 in November, down from 52.1 in October, the slowest pace in 16 months.
Analysts said the market continues to await the November 27 meeting of the Organization of Petroleum Exporting Countries in Vienna for word of whether the cartel will take action to address the retreat in oil prices.