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Oil jumps 3 percent on positive US, European news
Oil rises near $93 per barrel on European debt deal, positive US economic growth
By The Associated Press

NEW YORK (AP) ' Oil is climbing on positive economic news for the U.S. and Europe.

Benchmark crude rose $2.71, or 3 percent, at $92.90 per barrel in New York on Thursday. Brent crude rose $2.67, or 2.5 percent, to $111.58 in London.

Prices soared after European leaders announced an agreement to reduce Greece's debt and head off a default. In the U.S., the government said the economy grew at an annual rate of 2.5 percent in the July-September quarter. That's the strongest growth this year and quieted concerns that the country is headed for another recession.



At the pump, retail gasoline prices rose to a national average of $3.444 per gallon.


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