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Oil rises on drop in US supplies, German optimism

Published on NewsOK Modified: December 19, 2012 at 2:31 pm •  Published: December 19, 2012

Benchmark crude jumped $1.58, or about 1.8 percent, to finish at $89.51 per barrel in New York. That's the biggest one-day price rise in a month.

Meanwhile many Americans are feeling less pain at the pump as gas prices hit another year-low at a national average just under $3.23 a gallon, only a half-cent higher than a year ago.

In energy futures trading Brent crude, used to price international varieties of oil, rose $1.52 to end at $110.36 per barrel in London.

On the New York Mercantile Exchange:

— Heating oil rose 4 cents to finish at $3.04 a gallon.

— Natural gas fell 10 cents, or 2.9 percent, to end at $3.32 per 1,000 cubic feet after rising for two straight days.

— Wholesale gasoline gained 5 cents to finish at $2.74 a gallon.