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Oil prices up on brisk US retail sales, Greek deal

Associated Press Modified: November 27, 2012 at 7:00 am •  Published: November 27, 2012

Despite the deal, experts warned that weak economic growth in Europe and the continent's debt crisis would continue to weigh on prices.

"The measures approved by the eurozone finance ministers and IMF will provide some momentary upside to oil prices," said Edward Bell, a commodities analyst at the Economist Intelligence Unit. "However, the eurozone has not yet escaped its economic woes and there are no clear signs of a recovery in demand, meaning we expect there will be a drag on oil prices going into 2013."

Brent crude, which is used to set prices for many international varieties of oil, rose 12 cents to $111.04 a barrel on London's ICE Futures exchange.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 0.55 cent to $2.7094 a gallon.

— Natural gas gained 2.6 cents to $3.756 per 1,000 cubic feet.

— Heating oil rose 0.67 cent to $3.0661 a gallon.


Pamela Sampson in Bangkok contributed to this report.