Light, sweet crude for December delivery rose US$6.62 to settle at US$70.53 a barrel on the New York Mercantile Exchange after rising as high as US$71.77.

The Commerce Department reported that US factory orders fell 2.5 percent in September from August, much worse than analysts had predicted. On Monday the Institute for Supply Management reported US manufacturers contracted more than analysts expected in October, the worst reading in 26 years.

However, commodities such as oil, gold all surged yesterday as investors flooded to futures market while the greenback plunged on Election Day.

Crude futures also soared on reports that Saudi Arabia, the world largest oil producer, had cut around 900,000 barrel per day from its peak in August. In addition to Saudi Arabia and Venezuela, other OPEC members were also showing signs of cutting output.

Oil prices got boost from stock market as Wall Street rallied more than 3 percent Tuesday ahead of the US election result.

In London, December Brent crude rose US$5.96 to settle at US$66.44 on the ICE Futures exchange.