Oil closes above $100 on upbeat economic outlook

Benchmark U.S. oil for February delivery rose 77 cents to close at $100.32 in trading on the New York Mercantile Exchange.
By The Associated Press Published: December 28, 2013
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In brief

Oil prices lift from Fall

Oil prices closed above $100 a barrel Friday for the first time since October.

Benchmark U.S. oil for February delivery rose 77 cents to close at $100.32 in trading on the New York Mercantile Exchange.

The price of oil rose from a drop in unemployment benefits, and rumors of a decline in U.S. crude stockpiles.

Oil last traded above $100 a barrel on Oct. 21. The last closing above $100 a barrel was Oct. 18.

A report from the Energy Departmentreleased Friday showed that U.S. crude stockpiles fell 4.7 million barrels last week to 367.6 million barrels. Meanwhile, violence in South Sudan stoked concerns about the African nation's oil production.

The average price of a gallon of gasoline is $3.28. That's up 6 cents from a week ago.

Brent crude, a benchmark for international oils, rose 20 cents to $112.18 a barrel on the ICE Futures exchange in London.

Associated Press