Oil Rises Following Four-Month Low
Oil rose Thursday to more than $85 a barrel after taking its biggest drop this year to a four-month low on Wednesday, Bloomberg reported.
Crude futures rose 65 cents to $85.08 a barrel after dropping $4.27 to finish trading Wednesday at $84.44 on the New York Mercantile Exchange, the lowest closing price since July 10.
Oil supplies rose 1.8 million barrels last week, the Department of Energy reported Wednesday. That was in line with analysts’ forecasts, Bloomberg said.
Gasoline inventories rose 2.9 million barrels to the highest level since mid-August while distillates — which include diesel and heating oil — gained 130,000 barrels, DOE said in its weekly report.
