NEW YORK ? Oil prices on Monday climbed above $102 for the first time since mid-November on hopes that European leaders will save the eurozone economy from drowning in debt.
Prices rose as French and German leaders proposed tough new measures for a eurozone treaty that would keep members from overspending. Investors cheered the move, pushing stocks and the euro higher. The price of benchmark crude rose 61 cents to $101.57 per barrel in New York. Earlier in the day, it hit $102.44 ? the highest since Nov. 17.
Brent crude rose 42 cents to $110.10 a barrel in London.
Analysts say a recession may be inevitable in Europe, but the proposal for tighter spending controls, balanced budgets and other measures was viewed as an important step to saving the euro and protecting the economy from widespread bank failures.
In the U.S., the government said companies sent fewer orders to factories in October, the second straight monthly decline. The report suggests that the U.S., the world's largest oil consumer, is still on a rocky road to recovery.
At the pump, retail gasoline prices stayed at a national average of $3.276 per gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular is 71 cents cheaper than the 2011 peak near $4 per gallon, but it's still 34 cents more than a year ago.
In other energy trading, heating oil rose 2.1 cents to $3.011 per gallon, while gasoline rose 1.27 cents to $2.6289 per gallon. Natural gas fell 11.7 cents to $3.467 per 1,000 cubic feet.
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