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Oil rises on encouraging economic news
Oil rises above $83 per barrel on positive economic signs from the US and Europe
By The Associated Press

NEW YORK (AP) ' Oil is rising following encouraging economic news in the U.S. and Europe.

The Commerce Department said Thursday that the U.S. economy grew faster in the spring than previously estimated, while the Labor Department said that the number of people seeking unemployment benefits fell sharply last week.

German lawmakers took a major step toward dealing with the region's debt crisis by strengthening a bailout fund. That eased worries that Europe's debt problems could spread and lead to another recession.



Benchmark crude rose $2.14, or 2.6 percent, to $83.37 per barrel in New York. Brent crude was $1.22 higher at $105.03 a barrel in London.

At the pump, gasoline prices fell a penny on Thursday to a national average of $3.455 per gallon.


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