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Oil rises above $85 for first time since Sept
As recession concerns retreat, oil climbs 3 percent; gasoline pump prices holding steady
By The Associated Press

NEW YORK (AP) ' Oil is up more than 3 percent after France and Germany agree to strengthen Europe's ailing banks.

Benchmark crude rose $2.67, or 3.2 percent, to $85.65 per barrel on Monday in New York, and Brent crude jumped $2.64 to $108.52 in London.

Oil has rebounded to the highest level in more than two weeks as investors become more confident that the economy isn't headed toward a second recession.



Last week, the U.S. reported an unexpected increase in new jobs, while the manufacturing industry grew faster in September. Over the weekend, French and German leaders said they've agreed on a "comprehensive response" to the debt crisis in Europe.

In the U.S., gas pump prices held steady at a national average of $3.395 per gallon.


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