US crude oil futures rose over 2% on Monday, settling at a 14-month high, following encouraging economic data from the US and China and as the dollar weakened against major currencies.

US light crude oil for February delivery rose $2.15 to finish the session at $81.51 a barrel on the New York Mercantile Exchange. That’s the highest close since October 2008.

A report from the Institute for Supply Management boosted optimism about economic recovery. The report revealed a fifth consecutive month of manufacturing growth, with its index up to 55.9 from 53.6 in November, the highest read since the 56 reported in April 2006 and tops the 54.3 predicted by economists. A read of more than 50 indicates growth.

Upbeat data from China also supported demand for commodities.

Among precious metals Comex gold for February delivery settled up $22.10 to $1,118.30 an ounce after hitting a high of $1,124.60 earlier in the session.

Fresh inflation fears fuelled interest in the yellow metal, traditionally bought as a hedge against inflation.