NEW YORK — Oil topped $100 a barrel Thursday for the first time since early June on an improving outlook for the U.S. economy, and with European leaders reaching agreement on more financial aid for Greece.
The Conference Board said its index of leading economic indicators rose 0.3 percent in June. The increase suggested the economy won’t fall back into a recession over the next few months, even with high unemployment and a weak housing market.
Officials in Europe agreed on a new rescue package for Greece at an emergency summit in Brussels. The move strengthened the euro relative to the dollar. Oil, which is priced in dollars, tends to rise as the dollar weakens and makes crude cheaper for investors holding foreign currencies.
“We’re getting some good news again,” independent oil analyst Jim Ritterbusch said. “When that happens, commodities start to look attractive.”
Benchmark West Texas Intermediate crude for August delivery rose 73 cents to settle at $99.13 a barrel on the New York Mercantile Exchange. It reached $100.16 earlier in the day.
