NEW YORK (AP) — Oil continues to rebound as Europe takes steps to pull itself out of a festering debt crisis.
Benchmark crude added 55 cents to $80.23 per barrel in New York, while Brent crude rose 53 cents to $103.29 in London.
Oil is rising for a second day after plummeting to 12-month lows earlier in the week. Prices had dropped as credit problems in the eurozone rattled energy markets. Investors fear that a Greek default could spark a wider banking crisis and threaten other nations including the U.S.
On Thursday the European Central Bank offered banks new emergency loans to help them keep money flowing.
U.S. retail gasoline prices fell by less than a penny to a national average of $3.392 for a gallon of regular.