NEW YORK - Oil prices rose above $108 per barrel as optimism grew about a strengthening global economy.
A private survey of the U.S. homebuilding industry on Monday found that companies are increasingly hopeful that home sales will rise in coming months. International Monetary Fund Managing Director Christine Lagarde also said over the weekend that the global economy has "stepped back from the brink."
A pipeline company also is getting closer to opening a new transportation route to the Gulf Coast, relieving a glut of oil in the Midwest that has depressed the price of U.S. crude compared with international varieties.
Benchmark U.S. crude added $1.03 to end the day at $108.09 per barrel in New York. The price has increased by nearly $3 per barrel in the last two trading days.
Brent crude, which prices oil imported by U.S. refineries, fell by 10 cents to finish at $125.71 per barrel in London.
Meanwhile, retail gasoline increased more than a penny over the weekend to an average $3.842 per gallon, according to auto club AAA, Wright Express and Oil Price Information Service. That's the highest ever for this time of year. Gas prices have risen by nearly 57 cents per gallon since the beginning of 2012.
In other energy trading, natural gas rose by 2.5 cents to finish at $2.351 per 1,000 cubic feet. Heating oil fell by 2.09 cents to end at $3.261 per gallon and gasoline futures added 1.11 cents to $3.368 per gallon.
Read More
Democratic gubernatorial candidate Jennifer McCormick visits Muncie
By Dylan Chesnut / 2 hours agoJennifer McCormick (D-Ind.) addressing the audience.
Cardinals job fair to help students learn different careers
By Evan Shotts / 2 hours agoSigns are being made to spread the word of the Cardinal Jobs Fair.
Nearly 1 in 10 high school students vape, but what impact does this leave on mental health?
By Olivia Ground / 6 hours agoConversations about vaping addictions often leave out the mental health effects.
