Oil hovers below $100 as US economy improves (AP)

SINGAPORE ? Oil prices hovered below $100 a barrel Friday in Asia amid encouraging signs the U.S. economy is slowly improving.

Benchmark crude for February delivery rose 12 cents to $99.77 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added 29 cents to settle at $99.65 in New York on Thursday.

In London, Brent crude was down 6 cents at $107.95 a barrel on the ICE Futures exchange.

Crude has traded near $100 since mid-November after jumping from $75 in October as investors eye growing evidence the U.S. economy could avoid a recession next year. The government reported Thursday that claims for jobless benefits fell to a four-week average of 375,000, the lowest level in three and a half years.

The National Association of Realtors also reported that contracts to buy U.S. homes rose last month to the highest level in a year and a half.

Some analysts worry Europe's debt crisis will drag the continent into recession next year and undermine global crude demand.

"From a longer term perspective, we continue to zero in on the euro zone as the primary driver of oil pricing during the first quarter of 2012," energy consultant Ritterbusch and Associates said in a report. "We still view the euro zone debt issues as intractable."

Traders are also closely watching tensions between Iran and Western powers over Tehran's nuclear power program. Iran threatened this week to close the key oil export passage of the Strait of Hormuz in the Persian Gulf if the U.S. and other nations tighten sanctions. The U.S. Navy said it would not tolerate any move to limit the strait's traffic.

Energy trader Blue Ocean Brokerage said oil prices would likely eventually jump by about $50 if Iran, OPEC's second-biggest crude exporter, tried to close the strait.

"Let's start with an easy $20 spike, then add in a risk premium for insurance costs, delays, costs to push oil through alternative routes and the obvious loss of 3.5 million barrels a day from Iran," energy trader Blue Ocean Brokerage said in a report.

In other Nymex trading, heating oil rose 0.7 cent to $2.93 per gallon and gasoline futures slid 0.3 cent at $2.67 per gallon. Natural gas futures were down 2.3 cents to $3.00 per 1,000 cubic feet.

Source: http://us.rd.yahoo.com/dailynews/rss/energy/*http%3A//news.yahoo.com/s/ap/20111230/ap_on_re_as/oil_prices

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Fleet of Ferraris ruined in Japan sportscar pileup (AP)

TOKYO ? An outing of luxury sportscar enthusiasts in Japan ended in an expensive freeway pileup ? smashing a stunning eight Ferraris, a Lamborghini and two Mercedes likely worth more than $1 million together.

Police say they believe the accident Sunday was touched off when the driver of one of the Ferraris tried to change lanes and hit the median barrier. He spun across the freeway, and the other cars collided while trying to avoid hitting his car.

Video of the crash aired by NTV, a major national network, showed several smashed, bright red Ferraris cluttering the freeway.

Even a used Ferrari in Japan can fetch $100,000 or more, meaning the total damage may be $1 million or more.

Police declined to comment on the total amount of damage, but said some of the vehicles were beyond repair.

NTV quoted the driver of one of the tow trucks brought in to clear the scene as saying it was the most expensive crash site he had ever seen.

No one was seriously injured, but police in Yamaguchi prefecture said 10 people were treated for bruises and cuts. Police say 14 cars were involved altogether.

The luxury cars were all in one place because they were being driven by a group of automobile enthusiasts on their way to nearby Hiroshima.

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20111205/ap_on_re_as/as_japan_pricey_pileup

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Romney opens fire on rival Gingrich (Reuters)

TAMPA, Florida (Reuters) ? Republican presidential hopeful Mitt Romney opened fire on surging rival Newt Gingrich on Tuesday, calling him a "lifelong politician" who lacks credibility on how the U.S. economy works.

Romney launched his strongest attack to date on the former U.S. House of Representatives speaker, who has been gaining ground in polls of Republican voters as the main anti-Romney conservative alternative in the race to determine who will run against President Barack Obama's re-election bid in 2012.

The former governor of Massachusetts, who ran private equity and leveraged buyout firm Bain Capital before going into politics, called Gingrich a typical product of Washington.

"I think to get President Obama out of office, you're going to have to bring something to the race that's different than what he brings. He's a lifelong politician. I think you have to have the credibility of understanding how the economy works. And I do. And that's one reason I'm in this race," Romney said in an interview that aired on Fox News on Tuesday.

Gingrich is perhaps Romney's biggest obstacle to the 2012 Republican presidential nomination after other opponents like Rick Perry, Herman Cain and Michele Bachmann have faded.

Romney is facing criticism by Gingrich and Democrats that he has switched positions on key issues for political gain.

Seeking to take advantage of this criticism of Romney, Gingrich told WSC radio while campaigning in South Carolina on Monday: "I wouldn't lie to the American people. I wouldn't switch my positions for political reasons."

The charge that Romney has flip-flopped on major issues dogged him during his 2008 presidential campaign. It is one factor in why Romney is having trouble attracting conservatives who worry he is too moderate for their tastes.

FIRM ON HEALTHCARE

An example they cite is the healthcare plan he developed for Massachusetts that Obama has said was a model for the U.S. overhaul he pushed through Congress in 2010.

Romney told Fox his continued support for the Massachusetts plan is a sign he is not a political shape-shifter.

"I'm standing by what I did in Massachusetts. I'm not trying to dust it aside. I'm absolutely firm that it was the right thing for our state," he said. "I'll defend that and I understand it has political implications. And if it keeps me from winning a primary, so be it."

Romney swept through Florida, whose January 31 primary election could play a conclusive role in determining which Republican wins the party's nomination to face Obama in next November's presidential election.

On a visit to Miami, Romney picked up the endorsement of three Cuban-American leaders, which could bolster his support among the party's conservative and Hispanic voters. They are Representatives Ileana Ros-Lehtinen and Mario Diaz-Balart and former Representative Lincoln Diaz-Balart.

At that event, Romney was pressed by reporters for a response to a high-profile Democratic ad unveiled on Monday that accused him of flip-flopping.

"Bring it on," Romney said. "We're ready for them."

In Tampa, Romney toured the port and accused Obama of stalling trade deals with South Korea, Colombia and Panama.

The deals, finally approved in October, had been proposed by Republican President George W. Bush but were caught up in partisan wrangling for years. Labor groups had fought them over concerns U.S. jobs would be shipped overseas.

"President Obama put those agreements on hold," Romney said. "Because there were people that supported President Obama who wanted those agreements to be either shelved or slowed down. So trade was used as a political feature, as opposed to something that could create jobs."

Obama's re-election campaign was quick to respond.

Spokeswoman Kara Carscaden said Obama negotiated "smart, fair trade agreements" and "will not sign trade agreements just to sign agreements and will only agree to trade deals that increase jobs and exports for Americans."

Romney is paying most of his attention to winning New Hampshire's January 10 primary but has an active campaign in Iowa, whose caucuses start the nominating process on January 3. He is hoping a win in New Hampshire will catapult him to a strong finish in South Carolina on January 21 and a victory in Florida.

(Additional reporting by Jane Sutton in Miami; Editing by John O'Callaghan and Anthony Boadle)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20111130/pl_nm/us_usa_politics_romney_gingrich

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