The U.S. auto industry reported its strongest annual sales since December 2016.
The sector posted its best month in nearly a decade, thanks to a surge in the cost of oil and a rise in gasoline prices.
The industry added nearly 7.7 million vehicles in November, including more than 1.7M SUVs, 1.5M pickups and nearly 800,000 pickups and SUVs.
Sales rose for the ninth consecutive month, according to the auto trade group Automotive News.
Auto sales rose for a third straight month in November.
More: The December sales numbers show that the industry was already strong before the election.
Automotive News reported that sales were boosted by a surge of SUVs and pickups and a surge from luxury vehicles.
But the new oil-price shock has pushed up the cost for vehicles and made some cars more expensive.
This month’s numbers show a sharp increase in the price of oil.
Oil prices rose 2.2% in November and were up 2.3%, according to a report by Bloomberg.
U.S.-based oil services company IHS Markit said last week that oil prices will rise to $115 per barrel by the end of the year, compared to $110 a barrel this year.
IHS Markits analysts said in a report that oil is expected to rise to as much as $116 per barrel in 2021, from $112 per barrel this time last year.