At a glance: Oil rises on improving economic news

Associated Press

The price of oil rose Thursday on an improved outlook for U.S economic growth while lawmakers continued their tussle over solutions to avert a "fiscal cliff."

On the New York Mercantile Exchange:

Benchmark crude rose $1.58 to close at $88.07.

Heating oil rose 3 cents to $3.04 a gallon

Natural gas fell 15 cents to $3.65 per 1,000 cubic feet

Wholesale gasoline gained 5 cents to $2.79 a gallon

On the ICE Futures Exchange in London:

Brent crude, which is used to price international varieties of oil, rose $1.25 to $110.76 per barrel

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