Oil jumps above US$92 per barrel


SINGAPORE — Oil prices jumped above US$92 a barrel Thursday in Asia after European leaders agreed on a plan to reduce Greece’s debt burden. Benchmark crude for December delivery was up US$1.89 at US$92.09 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell US$2.97, or 3.2 percent, to settle at US$90.20 in New York on Wednesday. Brent crude was up US$1.27 at US$110.18 a barrel on the ICE Futures Exchange in London. In other Nymex trading, heating oil rose 2.8 cents to US$3.05 per gallon and gasoline futures gained 3.9 cents at US$2.66 per gallon. Natural gas fell 1.0 cents at US$3.58 per 1,000 cubic feet.

Crude has jumped about 21 percent from US$75 on Oct. 4 amid growing investor optimism that the U.S. economy will avoid a recession this year. Shum said he expects oil to trade near US$100 by the end of the year.