Oil price climbs above $100 a barrel

Benchmark oil on Thursday rose $1.10 to $100.50 per barrel in New York. Brent crude rose $1.13 to $110.94 in London.

By CHRIS KAHN
The Associated Press

1/26/2012

NEW YORK — The price of oil is higher after new reports on jobs and manufacturing show a steadily improving U.S. economy that will need more oil and gas.

Benchmark oil on Thursday rose $1.10 to $100.50 per barrel in New York. Brent crude rose $1.13 to $110.94 in London.

The Commerce Department said orders for long-lasting, durable goods rose in December, and a private survey showed a range of economic indicators got stronger at the end of 2011.

The jobs market appears to be improving, even after a modest increase in unemployment claims last week.

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Also on Thursday the Energy Department said that natural gas supplies dropped more than expected last week, though they're still well above the five-year average.

Meanwhile, retail gasoline stayed at a national average of $3.38 per gallon.

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