Oil rises above $99 in Asia as stock markets gain

[Omaha Steve]

Source: AP-Excite

BANGKOK (AP) - Oil prices rose above $99 a barrel Monday in Asia, taking a cue from gains in stock markets after a strong start to the U.S. holiday shopping season.

Benchmark crude for January delivery was up $2.49 to $99.30 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 60 cents to settle at $96.77 on Friday.

In London, Brent crude was up $2.13 at $107.99 on the ICE futures exchange.

Oil took its cue from Asian and European stocks, which were mostly higher Monday after record 226 million shoppers visited stores and websites during the four-day U.S. holiday weekend starting on Thanksgiving Day. That was up from 212 million last year, according to early estimates by The National Retail Federation.

Read more: http://apnews.excite.com/article/20111128/D9R9KSM80.html

[onehandle]

1. Time to fill the tank before the station adjusts. nt

[iandhr]

2. 3% loss one day...

... 3% gain the following day. The markets can't seem to make up their minds.