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VOL. 36 | NO. 35 | Friday, August 31, 2012

Oil rises on Europe plan, US jobs data

The Associated Press

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The price of oil rose above $97 a barrel on Thursday after the European Central Bank delivered new measures to help ease Europe's debt crisis.

Benchmark crude rose $1.83 to $97.19 a barrel in New York. In London, Brent crude gained $1.53 at $114.62 on the ICE Futures exchange.

The ECB's move could also boost Europe's struggling economy and boost demand for oil. Expectations for ECB action have been high since the bank's president, Mario Draghi, said in July that the bank will do whatever it takes to save the euro currency. The price of oil has risen more than 20 percent since late June.

Positive news about the U.S. jobs market also boosted oil. Reports showed more private-sector hiring and fewer unemployment claims.