Oil price up on Europe measures to end debt crisis

Oil prices are climbing on hopes that demand may improve after European leaders agreed on new measures to resolve the region’s crippling debt crisis.

Benchmark oil rose $1.52 to $100.30 per barrel Monday morning in New York. Brent crude rose $1.60 to $112.35 per barrel in London.

Investors are worried that Europe’s financial crisis will affect the global economy and hurt oil demand. European leaders agreed to a treaty designed to curb overspending, jump-start economic growth and add jobs.

In other energy trading, natural gas is down about 6 percent on renewed concerns about bulging supplies and weak demand.

At the pump, AAA says the national average for a gallon of gasoline is $3.44. That’s up nearly 17 cents from a month ago and 34 cents from a year ago.