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Crude oil surged above $81 per barrel on Monday as encouraging economic reports from both the U.S. and China boosted the prospects of energy demand. The close was oil's highest in more than two months.
Light sweet crude for February rose to $81.51, closing up $2.15 on the session. Prices reached as $81.68 earlier this week.
A U.S. Commerce Department report showed construction spending fell 0.6 percent to an annual rate of $900.1 billion in November from the revised October estimate of $905.6 billion. Economists had been expecting spending to decrease by about 0.5 percent.
The Institute for Supply Management said its index of activity in the manufacturing sector jumped to 55.9 in December from 53.6 in November, with a reading above 50 indicating growth in the sector. Economists had been expecting the index to increase to a reading of 54.3.
Meanwhile, China's HSBC Purchasing Managers' Index stood at a seasonally adjusted 56.1 in December, up from 55.7 in November. A reading above 50 indicates expansion in the manufacturing sector.
A weaker dollar also boosted the hedge appeal of commodities. The buck fell toward a 2 1/2-week low versus the euro, giving back some recent gains. The greenback also saw mild weakness against the yen and was choppy versus the sterling.
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