Oil Approaches $100 on Global Security Concerns

December 23, 2011 - 11:00 AM

NEW YORK (AP) — Oil prices rose to near $100 a barrel as worries over global security issues outweighed weak economic data in the U.S.

Benchmark crude rose 36 cents to $99.89 per barrel in New York. Brent crude fell 6 cents to $107.83 per barrel in London.

Tensions between Iran and the West, along with unrest in Syria, Bahrain, Kazakhstan and Iraq have raised worries that oil supplies could be disrupted if the unrest spreads or grows more serious.

U.S. economic data released this week showed signs of an improving economy, but on Friday the Commerce department reported weak consumer spending and income growth.

Average retail gasoline prices rose less than a penny Friday to a national average of $3.22 per gallon.