Oil Trades Near $85 on Mixed Economic News

By: Associated Press
By: Associated Press

Oil is trading near $85 per barrel as investors weigh positive European economic news with the potential for Libya to start exporting crude again.

Benchmark crude rose 22 cents to $84.64 Tuesday on the New York Mercantile Exchange. Brent crude, which is used to price oil varieties that are produced in abroad, increased 64 cents to $109 on the ICE Futures exchange in London.

The latest reading on European manufacturing was better than expected, and that pushed the euro - and oil - higher. Meanwhile, NATO officials say Moammar Gadhafi continues to lose his grip on Libya. A swift end to the conflict would clear the way for oil companies to return, exports to resume and prices to decline.

U.S. gas pump prices rose to an average $3.572 per gallon.

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