Oil prices rise on jitters about supplies

Associated Press

NEW YORK (AP) — The price of oil is rising on concerns about supplies from the Middle East and the North Sea.

Benchmark crude is up $1.46 to $90.79 a barrel in New York Tuesday. In London, Brent crude, which is used to price international varieties of oil, rose $1.99 to $113.81.

Analysts say that some North Sea oil rigs have been slow to resume production after undergoing maintenance. There is also concern that an escalation of the situation in Syria could disrupt supplies from the Middle East.

Worry about supplies seemed to overcome bearish news from the International Monetary Fund, which cut its global growth forecast to 3.3 percent for this year from 3.5 percent.

In the U.S., the average price for a gallon of gasoline fell less than a penny to $3.815.

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