Summary Oil prices rose as the US reported a strong increase in demand for gasoline last week.
NEW YORK (AP) - Oil rose 1.5 percent Wednesday as the U.S. government reported a strong increase in demand for gasoline last week.
Benchmark U.S. crude for December delivery gained $1.43 to close at $94.80 a barrel on the New York Mercantile Exchange. Oil is still down about 9 percent since closing at $104.10 on October 2.
The government said gasoline supplies dropped by 3.8 million barrels last week, almost four times the decline analysts were expecting. For the four week period ended Nov. 1, gasoline demand rose 5.4 percent to an average of 9.1 million barrels per day. Demand for distillates, which includes diesel and heating oil, rose 8.2 percent for the same period.
Those figures overshadowed another increase in U.S. crude stockpiles. Oil supplies rose by 1.6 million barrels.
Brent crude, the international benchmark, fell 9 cents at $105.24 a barrel on the ICE Futures exchange in London.
