NEW YORK (AP) - The price of oil climbed Wednesday with investors focusing on upbeat news about the U.S. economy.
Benchmark crude rose 44 cents to $92.60 per barrel in New York, and Brent crude rose 46 cents to $110 a barrel in London.
Prices headed higher following a report that said the private sector added 111,000 jobs in October. The Automatic Data Processing report said most of those gains were in the services industry.
The Federal Reserve ended a two-day meeting on Wednesday. As expected, there were no new policy announcements. In a statement Fed officials said the economy is getting stronger and consumers are spending more, but there is still downside risk. The central bank said it could take more steps later, if the economy stays sluggish.
The Energy Information Administration said Wednesday that U.S. oil supplies rose more than analysts expected last week. And gasoline supplies rose as well, with demand for gasoline about 4 percent lower than a year ago.
At the pump, gasoline prices fell less than a penny on Wednesday to a national average of $3.432 per gallon.
, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular is cheaper than it was earlier this year, when the national average approached $4 per gallon. But it's still about 63 cents higher than at the same time last year.
In other energy trading, heating oil was down 2 cents at $3.30211 per gallon, while gasoline futures rose 2 cents to $2.6430 per gallon. Natural gas rose 1 cent to $3.79 per 1,000 cubic feet.