Oil Prices Raise Sharply On Improving U.S. Economy

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Oil prices are hovering around $99 a barrel. Oil has gone up sharply since last month, partly because of signs of improvement in the U.S. economy. The debt crisis in Europe is holding prices below the psychologically important $100 mark.

RENEE MONTAGNE, HOST:

NPR's business news starts with oil prices hovering around $99 a barrel. Oil has gone up sharply since last month, partly because of signs of improvement in the U.S. economy. Also because of tensions in some oil producing regions, which could affect supplies. Still, the debt crisis in Europe is holding prices below that psychologically important $100 a barrel mark. Benchmark crude was trading in Asia this morning at about $98.90.

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