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Oil Prices Climb

 

Oil prices are above $101 per barrel as Greece and its creditors continue to work on plans to trim massive debts.

Natural gas prices jumped as bargain hunters snapped up contracts that are still the cheapest in 10 years.

Benchmark crude on Tuesday rose 32 cents to $101.244 per barrel in New York. Brent crude lost 15 cents at $117.24 per barrel in London.

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After approving spending cuts and other austerity measures, Greece said its borrowing costs fell slightly. Greece’s economy remains a shambles, but analysts say the reforms should shield eurozone banks and keep the region’s economy from sinking further.

Natural gas surged 13 cents, or 5.2 percent, to $2.56 per 1,000 cubic feet.

U.S. retail gasoline prices were flat at a national average of $3.51 per gallon.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

 

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