At a glance: Oil rises on drop in US supplies
The price of oil rose Wednesday as the government reported shrinking crude supplies, and some good news overseas offset concerns about political wrangling in Washington.
On the New York Mercantile Exchange:
- Benchmark crude jumped $1.58, or about 1.8 percent, to finish at $89.51 per barrel in New York.
- Heating oil rose 4 cents to end at $3.04 a gallon.
- Natural gas fell 10 cents, or 2.9 percent, to finish at $3.32 per 1,000 cubic feet after rising for two straight days.
- Wholesale gasoline gained 5 cents to end at $2.74 a gallon.
On the ICE Futures exchange in London:
- Brent crude, used to price international varieties of oil, rose $1.52 to finish at $110.36 per barrel in London.