Oil Price Above $100 On Rising Consumer Confidence

Published December 27, 2011 3:18PM (EST)

The price of oil rose above $100 a barrel in light holiday trading on growing consumer confidence and prospects for stronger demand.

Benchmark crude rose 21 cents Tuesday to $99.89 per barrel in New York. Brent crude rose 2 cents to $107.98 per barrel in London.

Prices have risen in the past week as encouraging U.S. economic news pointed to stronger future demand. A private survey released Tuesday showed consumer confidence this month surged to levels not seen since April and was near a post-recession peak.

Tensions in the Middle East have also boosted prices. Violence in Iraq and a diplomatic standoff over Iran's nuclear ambitions have stoked worries about crude supplies in the region.

At the pump, the national average for a gallon of regular gasoline was $3.23.

By Salon Staff

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