NEW YORK (AP) -- Oil prices are soaring on promising economic news out of Europe and the U.S.
Benchmark crude on Tuesday rose $3.47, or 3.7 percent, to $97.52 per barrel in New York. Brent crude rose $3.40, or 3.3 percent, to $107.04 per barrel in London.
Major stock indexes were up more than 2 percent in morning trading.
Prices climbed after Germany reported that business and consumer confidence rose unexpectedly in December. Spain's borrowing costs plummeted in a debt auction as the country promised more austerity measures to resolve its debt problems.
In the U.S. shopping malls said sales jumped last week. And the government reported a surge in apartment construction and building permits in November.
Retail gasoline prices fell by less than a penny to a national average of $3.21 per gallon.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus