Oil price again flirting with $100 per barrel

November 15, 2011 - 10:50 AM

NEW YORK (AP) — Oil prices climbed near $100 per barrel Tuesday after a series of positive reports about the U.S. economy.

In morning trading benchmark crude rose 73 cents to $98.87 per barrel in New York. The prices was as high as $99.34 at one point. Brent crude, which is used to price many foreign oil varieties, rose 71 cents to $112.60 per barrel in London.

Prices jumped after the U.S. said that consumer spending rose in October for the fifth straight month. Inflation eased last month, as companies paid less for gas, new cars and other goods. The European Union also said that the 17-nation bloc avoided contracting in the third quarter.

Meanwhile, retail gasoline prices slipped less than a penny to a national average of $3.41 per gallon.