The price of crude oil rose Wednesday as news that the U.S. government is selectively allowing exports of certain light oils offset an unexpected increase in the nation’s supply of oil.
Benchmark U.S. crude for August delivery rose 47 cents to $106.50 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, dropped 46 cents to $114 a barrel in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline fell 3 cents to $3.09 a gallon.
- Natural gas rose 2 cents to $4.55 per 1,000 cubic feet.
- Heating oil fell 1 cent to $3.03 a gallon.