In brief: Oil prices rose sharply in 2009

New York – Oil prices ended 2009 with a bang, surging by about $10 a barrel in the final two weeks as the country cut into its hefty crude supply.

On Thursday benchmark crude for February delivery added 8 cents to settle at $79.36 a barrel on the New York Mercantile Exchange. Crude barrels, which touched $80 earlier in the day, are 71 percent more expensive than they were at the beginning of the year.

Prices have rallied since March, moving opposite the dollar.

Retail gas prices finished the year with six straight days of price increases. The national average added 1.6 cents overnight to $2.639, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded is 1.2 cents more expensive than a month ago and $1.022 more expensive than the same time last year.

Associated Press

Mortgage rates end year on rise

McLean, Va. – Mortgage rates rose for the fourth straight week, ending the year above 5 percent.

The average fixed rate on a 30-year mortgage was 5.14 percent this week, up from 5.05 percent last week, Freddie Mac said Thursday.

The average fixed rate on 30-year mortgages has steadily risen since hitting a record low of 4.71 percent the week of Dec. 3.

The average rate on a 15-year fixed mortgage rose to 4.54 percent from 4.45 percent last week.

Associated Press

Paper slashes staff, cuts sports

Washington – The Washington Times slashed its staff by more than 40 percent and will eliminate its sports section and most local coverage in 2010, shifting its focus to politics, business and investigative reporting.

The 27-year-old newspaper announced the latest round of layoffs in its Thursday edition. Among those let go was the newsroom leader, Managing Editor David Jones. Another round of cuts was made earlier in December, and the newspaper published its last Sunday edition last weekend.

The Times is often viewed as the conservative alternative to the much larger Washington Post. It was founded in 1982 and funded by the Rev. Sun Myung Moon, leader of the Unification Church.

Associated Press

Marvel heroes join Disney tribe

New York – Shareholders of Marvel Entertainment Inc., home of Spider-Man and the Hulk, on Thursday approved the company’s acquisition by the Walt Disney Co., as expected.

Marvel said the $4.3 billion acquisition would close at the end of the day, bringing Spider-Man, Iron Man, and 5,000 other comic-book characters under the same roof as Mickey Mouse and Donald Duck.

Approval of the deal was expected.

Associated Press