Crude oil futures are rising as Greece names a new prime minister and Italy makes some political changes. These countries are showing that they are attempting to work at fixing their large debts.
According to The Associated Press, “In the U.S., layoffs appeared to be easing as jobless claims fell to the lowest level since April. Major stock index rose in midday trading as well.”
On Thursday, benchmark crude rose $1.67 to $97.44 per barrel in New York. Meanwhile, in London Brent crude rose $0.66 to $112.97 per barrel.
Greece and Italy have decided to take more action towards solving their financial woes, and have sought help from economists to chip away at their massive debt.
Greece named Lucas Papademos as prime minister, and in Italy “… Mario Monti received increasing support among politicians to replace outgoing Prime Minister Silvio Berlusconi,” reports The Associated Press.
What will you see at the pump?
Retail gasoline prices rose about one penny, to $3.439 per gallon.
That’s all for now,
Cori
