The price of oil rose Thursday on an improved outlook for U.S economic growth while lawmakers continued their tussle over solutions to avert a "fiscal cliff."
On the New York Mercantile Exchange:
Benchmark crude rose $1.58 to close at $88.07.
Heating oil rose 3 cents to $3.04 a gallon
Natural gas fell 15 cents to $3.65 per 1,000 cubic feet
Wholesale gasoline gained 5 cents to $2.79 a gallon
On the ICE Futures Exchange in London:
Brent crude, which is used to price international varieties of oil, rose $1.25 to $110.76 per barrel