Oil Rises On Strong Economic Reports In US, Europe
NEW YORK (AP) — Oil prices are rising on strong U.S. corporate earnings and promising economic signs in Europe.
Benchmark West Texas Intermediate crude added $1.59 to $104.52 per barrel in New York.
Prices rose after a closely watched survey in Germany showed that investor sentiment unexpectedly rose for a fifth straight month. Spain also raised more cash from a bond sale than expected, signaling improving confidence in that country’s finances.
In the U.S., stocks rose following robust quarterly profits from Coca-Cola and other big companies.
The price of benchmark WTI is also rising in anticipation of a pipeline project that’s expected to begin delivering oil next week from oversupplied markets in the Midwest to the Gulf Coast.
Meanwhile, U.S. gasoline prices were flat at a national average of $3.907 per gallon.