Crude oil moves up

Crude oil surged and managed to recover from its losses of the earlier sessions. Prices were boosted by a better-than-forecast gross domestic product report and some mixed jobs data.

Light sweet crude oil for December delivery rose to $79.87 per barrel, up $2.41 on the session. Prices reached as high as $80.46 earlier in the session. MCX Crude was fuelled by better performance of Oil in NYMEX. The prices blossomed by Rs 85 or 2.2% to close at Rs 3766 per barrel.

A Commerce Department advance estimate showed gross domestic product increased 3.5% annually in the third quarter compared to a 0.7% decrease in the second quarter. Economists had been expecting GDP to increase by 3.2 percent.

The U.S. Labor Department revealed that initial jobless claims slipped to 530,000 for the week ended October 24. This was down 1,000 from the previous week's revised total of 531,000.