Oil prices are mixed as investors weigh strong U.S. corporate earnings with ongoing concern about European debt.
Benchmark U.S. crude rose Tuesday by 56 cents to $103.67 per barrel in New York. Brent crude, which is used to price international crudes, fell by 42 cents to $118.29 per barrel in London.
Europe continues to be saddled with massive government debt, and borrowing costs rose Tuesday in Italy and Spain. In the U.S., stocks markets rose following strong first-quarter earnings from AT&T and 3M.
Retail gasoline prices fell in the U.S. to a national average of $3.849 per gallon. A gallon of regular has dropped by nearly 9 cents after peaking on April 6. It’s now cheaper than it was a year ago.