Oil up slightly on Europe debt deal

AP News
Posted: Nov 29, 2012 3:42 PM

The price of oil rose slightly Friday as traders weighed a new debt deal in Europe against political bickering in the U.S. over looming tax increases and budget cuts.

U.S. benchmark crude rose 46 cents to $88.51 per barrel Friday morning in New York. In London, Brent crude rose 28 cents to $111.03.

German lawmakers approved further aid to Greece Friday, raising hopes the European debt crisis may begin to wane. But in the U.S. lawmakers reported no progress in talks to avoid a series of tax increases and spending cuts that economists say could drag the U.S. economy into recession if they go into effect at the end of the year.

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The average retail gasoline price in the U.S. fell less than a penny to $3.40 per gallon.