Nov. 24 (Bloomberg) -- Crude oil rose after reports showed that U.S. jobless claims fell to the lowest level since 2008 and consumer spending increased, bolstering optimism the economic rebound will accelerate. Oil climbed as much as 0.8 percent after the Labor Department said applications for unemployment benefits declined by 34,000 to 407,000 in the week ended Nov. 20. An Energy Department report today will probably show that U.S. crude oil stockpiles decreased 2 million barrels last week, according to a Bloomberg News survey. “The flash of economic optimism is bringing oil higher,” said Phil Flynn, a Chicago-based analyst and trader with investment adviser PFGBest. “People are spending money again, which is a good sign, and jobless claims are at the lowest level in a couple years. These signs of hope are fueling the outlook for increased energy demand.” Crude for January delivery rose 48 cents, or 0.6 percent, to $81.73 a barrel at 9:32 a.m. on the New York Mercantile Exchange. Futures have dropped 7.8 percent after reaching $88.63 on Nov. 11, the highest intraday level in two years. Brent crude oil or January settlement increased 56 cents, or 0.7 percent, to $83.81 a barrel on the London-based ICE Futures Europe exchange. Consumer spending rose in October for a fifth month as a rebound in incomes lifted the biggest part of the U.S. economy at the start of the final quarter of 2010, Commerce Department figures showed today. Incomes climbed 0.5 percent. “The market has pulled back a great deal since Nov. 11,” said Addison Armstrong, director of market research at Tradition Energy, a Stamford, Connecticut-based broker. “We’ve tested $80 a couple times and are now consolidating.” Oil Supplies U.S. crude stockpiles probably dropped to their lowest level in three months as refinery demand increased with the end of seasonal maintenance, according to the median response of 16 analysts surveyed by Bloomberg. The industry-funded American Petroleum Institute reported late yesterday that U.S. crude-oil stockpiles rose 5.19 million barrels to 357.7 million. The API collects supply information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey. Oil-supply totals from the API and DOE have moved in the same direction eight of the past nine weeks. The DOE report is scheduled to be released at 10:30 a.m. in Washington. Nigerian Crude Nigeria’s Bonny Light crude for loading in December and January will be affected by a force majeure declared by Royal Dutch Shell Plc on Nov. 19 after a pipeline leak, a company spokesman said. “Geopolitics is re-emerging in the market for the first time this year,” Armstrong said. “We’ve got the force majeure in Nigeria and the possibility of increased tension in Asia. This may be a signal for the bulls to reload.” The U.S. sent an aircraft carrier to take part in exercises off the Korean Peninsula in a show of strength after North Korea fired artillery onto South Korean soil for the first time in half a century. President Barack Obama talked with South Korean President Lee Myung Bak for 30 minutes by phone and dispatched the USS George Washington from Japan today.

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