NEW YORK — Oil prices soared on promising economic news out of Europe and the U.S.
Benchmark crude on Tuesday rose $3.34, or 3.6 percent, to end the day at $97.22 per barrel in New York.
Brent crude, which is used to price foreign oil that’s imported by many U.S. refineries, rose $3.09, or 3 percent, to finish at $106.73 per barrel in London.
Prices climbed on encouraging news about the global economy. Germany reported that business and consumer confidence rose unexpectedly in December, and Spain’s borrowing costs plummeted in a debt auction as the country promised more austerity measures to resolve its debt problems.
In Maine, the average price for home heating oil dropped for the second week in a row.
The Governor’s Office of Energy Independence and Security said Tuesday that the statewide average price fell by 4 cents a gallon to $3.59. Last week the average price dropped by a penny to $3.63 per gallon.
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