Oil heads higher on encouraging economic news

AP News
Posted: Oct 05, 2011 3:24 PM
Oil heads higher on encouraging economic news

Oil rebounded Wednesday from 12-month lows on signs that financial leaders will move to bolster struggling European banks and on positive U.S. economic news.

Here's how energy contracts traded.

On the New York Mercantile Exchange:

Benchmark crude rose $4.01, or 5.3 percent, to finish at $79.68 a barrel.

Heating oil rose 5.32 cents to end at $2.7766 a gallon.

Gasoline rose 8.08 cents to finish at $2.5692 a gallon.

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Natural gas fell 6.8 cents to end at $3.5700 per 1,000 cubic feet.

On the ICE Futures exchange in London:

Brent crude rose $2.94, or 3 percent, to finish the day at $102.73 a barrel.