Oil Prices Jump More Than 3 Percent

By: AP
By: AP

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.

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  • by PJ Location: Colo Spgs westside on Dec 20, 2011 at 12:49 PM
    Of course the prices are going up again. The politicians need the money to buy their things on their Christmas gift list. The easiest way to get it is to let big oil have it's way with the taxpayers once again so the holiday presents to the politicians will be bigger.
    • reply
      by Anonymous on Dec 20, 2011 at 09:46 PM in reply to PJ
      Most of them are rich anyway, so, why not have their salary be the average of the "average" people they represent? i.e between the $12,000 - $38,000 range? Sounds good to me!
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