Oil price increases past $101 a barrel

12/28/2011

NEW YORK — The price of oil climbed above $101 a barrel in light holiday trading on growing U.S. consumer confidence and tension in the Middle East.

Benchmark crude rose $1.66 on Tuesday to end at $101.34 a barrel in New York. Brent crude rose $1.31 to finish at $109.27 a barrel in London.

Prices have risen in the past week as encouraging U.S. economic news pointed to stronger future demand.