NEW YORK: Oil prices rose sharply 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 to 86.75. Brent North Sea crude for delivery in January jumped $2.95 to 88.87 a barrel in London trade. The euro soared after a report that the US would support aid package for Europe through the IMF. The euro firmed to $1.3072 from $1.2985 late Tuesday, after climbing at one point above $1.31. The dollar meanwhile traded at 84.16 yen, up from 83.63 yen. Meanwhile, US stocks soared.The Dow Jones Industrial Average soared 249.76 points (2.27 percent) to close at 11,255.78, with all 30 blue-chip components. The S&P 500 index rose 25.52 points (2.16 percent) to 1,206.07, while the tech-rich Nasdaq gained 51.20 points (2.05 percent) to 2,549.43.
