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Oil prices jump above $100 per barrel as US stocks rally on encouraging economic news
NEW YORK (AP) ' Oil prices are surging, outpacing a broad rally in stocks, as strong retail sales put a rosier glow on the U.S. economy.
Benchmark crude on Tuesday jumped $2.34, or 2.4 percent, to $100.13 per barrel in morning trading in New York. Brent crude rose $2.67, or 2.5 percent, to $109.75 a barrel in London.
Prices shot up shortly after the stock market opened for business. Major indexes are up about 1 percent in morning trading. Earlier in the day, the government said that consumers boosted retail spending in November for the sixth straight month. The U.S. economy is driven by consumer spending, and more spending points to stronger demand for oil.