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 morning trading 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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-11-28-Oil%20Prices/id-56020015e9154f78acbea93ee0a8d196

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