Oil Rises As EU Closes In On New Treaty

By Salon Staff

Published December 9, 2011 4:36PM (EST)

NEW YORK (AP) — Oil prices are higher as the European Union moved closer to a plan that promises to fix the eurozone debt crisis.

Benchmark crude on Friday rose 21 cents to $98.54 per barrel in New York. Brent crude rose 29 cents to $108.23 in London.

Massive debts in several European nations have rattled investors for months. Experts say the eurozone is headed back into recession, and many are concerned about widespread bank failures, if the region doesn't find a way to reduce debts. That in turn would lead to less spending and weaker demand for oil and gas.

In the U.S., retail gas prices were unchanged at a national average of $3.29 for a gallon of regular.

Salon Staff

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