Oil prices rise on improving economic news (AP)

Oil prices are rising on optimism that U.S. economic growth will boost energy demand.

Benchmark crude on Friday rose 23 cents to $94.10 per barrel in New York. Brent crude gained 69 cents to $103.69 a barrel in London.

Oil traders were encouraged by higher stock prices. When stocks rise, it points to growth and more oil demand. Major indexes were up about 1 percent or more in morning trading.

Investors are encouraged by a Labor Department report that shows consumer prices stayed flat in November, evidence that inflation is under control. Worries about Europe also eased as Italy approved a package of austerity measures.

In the U.S., retail gasoline prices fell a penny to a national average of $3.25 per gallon.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111216/ap_on_bi_ge/oil_prices

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