Crude Oil Rising Following Data

(Updated with recent futures price and stock quotes.)

NEW YORK (TheStreet) -- After a series of surprising economic reports came and went on Monday morning, oil futures were rising past $78.

The front-month contract for benchmark crude on the New York Mercantile Exchange was trading higher by $1.47 at $78.47 a barrel recently. On Friday, the contract settled at $77 after plunging $2.87.

Crude's jump higher came after a series of positive sounding economic reports. On the manufacturing front, the Institute for Supply Management said its purchasing managers' index climbed to 55.7 in October, outpacing estimates of a 53 reading. That marks its highest reading since April 2006 and echoed an earlier showing from China, as the HSBC China manufacturing purchasing managers' index rose to its highest level of expansion in 18 months, or to 55.4, in October.

The National Association of Realtors said pending home sales jumped by 6.1%, while spending in the construction sector defied forecasts for fall by growing at a 0.8% clip.

On Wednesday, the Federal Reserve Open Market Committee will be issuing its statement on the economy and any decision on rate changes. The Energy Information Administration is also poised to release its latest weekly oil inventory figures. But many eyes will be focused on nonfarm payroll data on Friday, with the Labor Department set to issue its newest unemployment rate figure for October.

Markets were rising in the morning on the hopeful economic figures, with the energy sector making broad gains. The Philadelphia Oil Service Sector Index was up 2.2%, while the Amex Oil Index was gaining 1.3%.

Shares of Exxon Mobil(XOM Quote), which lost 3.1% on Friday, were gaining back 57 cents, or 0.8%, at $72.24 in the morning. Chevron(CVX Quote) shares were adding 67 cents at $77.21 after losing 1.8% in the Friday session.

ConocoPhillips(COP Quote) and Marathon Oil(MRO Quote), too, were tracking higher, adding 0.3% and 0.8% each just before midday.