Oil Tops $97 on Expected Stockpiles Drop

Oil prices rose more than $1 Wednesday to $97.33 a barrel on expectations a report would show U.S. fuel stockpiles fell for a seventh consecutive week.

The midweek report was expected to show U.S. crude supplies fell 2 million to 3 million barrels.

Light, sweet crude oil for February delivery climbed $1.35, or 1.41 percent, to $97.33 a barrel in mid-morning trading on the New York Mercantile Exchange.

Natural gas rose 14 cents, or 1.83 percent, to $7.62 per 1,000 cubic feet.

Heating oil rallied 3.66 cents, or 1.38 percent, to $2.686 a gallon.

Reformulated-gasoline blendstock for oxygen blending jumped 3.27 cents, or 1.31 percent, to $2.5235 a gallon.

AAA said the average U.S. retail regular unleaded gasoline price was $3.049 a gallon, up 0.6 cents from Tuesday’s $3.043 a gallon.