Oil jumps 4 percent on positive US, European news
NEW YORK (AP) — Oil jumped more than 4 percent Thursday as the U.S. economy grew and Europe appeared to turn the corner on its debt crisis.
Benchmark crude rose $3.76, or 4.2 percent, to end the day at $93.96 per barrel in New York. That's the highest it's been since the first week of August. Brent crude, which is used to price oil that's imported into the U.S., rose $3.17, or 2.9 percent, to finish at $112.08 in London.
Prices soared after European leaders announced an agreement to reduce Greece's debt and head off a default. After hours of intense negotiations, the Europeans unveiled a plan to cut Greek debt, bolster the continent's banks to handle losses on Greek bonds and reinforce a European bailout fund.
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