Oil prices up on brisk US Xmas sales, Greek deal

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Associated Press

Posted on November 27, 2012 at 6:02 AM

Updated Tuesday, Nov 27 at 6:02 AM

BANGKOK (AP) — Robust retail sales in the U.S. ahead of the Christmas holiday helped boost the price of oil above $88 a barrel today.

Benchmark oil for January delivery was up 32 cents to $88.06 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 54 cents to close at $87.74 a barrel on the Nymex on Monday.

Holiday shopping in the U.S. got off to a brisk start over the four-day Thanksgiving weekend, with a record 247 million shoppers visiting stores and websites — a 9.2 percent increase over last year. Total spending over the four-day weekend totaled $59.1 billion, up 12.8 percent from 2011.

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