Oil prices rise on holiday sales, Europe hopes
NEW YORK (AP) — Oil prices are up more than 2 percent after shoppers pumped up holiday retail sales in the U.S., and investors bet that Europe would find a last-minute solution to its financial crisis.
Benchmark crude rose $2, or 2.1 percent, to $98.77 per barrel in New York. Brent crude rose $2.28, or 2.1 percent, to $108.04 a barrel in London.
Oil surged following strong holiday sales in the U.S. Shoppers spent nearly $1 billion more on Black Friday than they did a year ago. Meanwhile, European leaders are considering a series of new solutions to their credit problems with little time to spare. Some analysts say the euro could collapse in days, unless action is taken.
At the pump, gasoline prices fell less than a penny to $3.295 a gallon.