Oil jumps 3 percent on positive US, European news (AP)

NEW YORK ? Oil is climbing on positive economic news for the U.S. and Europe.

Benchmark crude rose $2.71, or 3 percent, at $92.90 per barrel in New York on Thursday. Brent crude rose $2.67, or 2.5 percent, to $111.58 in London.

Prices soared after European leaders announced an agreement to reduce Greece's debt and head off a default. In the U.S., the government said the economy grew at an annual rate of 2.5 percent in the July-September quarter. That's the strongest growth this year and quieted concerns that the country is headed for another recession.

At the pump, retail gasoline prices rose to a national average of $3.444 per gallon.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111027/ap_on_bi_ge/oil_prices

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