Oil price climbs to $102 a barrel on Europe hopes

[December 12, 2011]  NEW YORK (AP) -- Oil prices are climbing on hopes that European leaders will save the eurozone economy from drowning in debt and sliding into a recession.

Prices rose Monday morning as French and German leaders said they had agreed on tough new measures for a eurozone treaty that would keep members from overspending. Investors cheered the move, pushing stocks and the euro higher.

Benchmark crude rose $1.04 to $102 per barrel in New York. Earlier in the day, benchmark oil hit $102.44

Brent crude rose 76 cents to $110.44 in London.

At the pump, retail gasoline prices were flat at a national average of $3.276 per gallon.

[Associated Press; By CHRIS KAHN]

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