According to reports, manufacturing activity grew in Europe, China and the United States last month, which means that global energy demand is likely to increase. In response, oil future prices rallied Monday, setting a one-week high.
In the U.S., the Institute of Supply Management reported that the country's manufacturing accelerated again in November, reaching a level it hasn't seen since April 2011. Similar results came from Markit's survey data in the euro zone, which found that manufacturing activity there was also at its highest level in more than two years.
China saw a fourth straight month of rising production, at a rate that the country hasn't seen since March.
"Chinese manufacturing data have unquestionably provided a life support for crude oil, and there is some optimism that an increase in the manufacturing activity will support more demand for crude," said Naeem Aslam, chief market analyst at AvaTrade.
Because of all these increases, January Brent crude oil saw a price increase of about 1.6 percent, enough to take its price to $111.45 a barrel. During all of November, it had gained about 0.8 percent.
Another factor in the jump was likely Wednesday's meeting of the Organization of the Petroleum Exporting Countries (OPEC). The group will meet in Vienna to discuss their production, and traders are viewing the potential meeting with optimism, according to MarketWatch.
Current increased trading volumes suggest that companies will want to get the best possible efficiency from their oil production equipment. Businesses that invest in modern solutions such as hydraulic jet pumps will be well-equipped to handle both the present higher volumes and any slow-down that could come in the future.