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updated: 9/12/2012 11:23 AM

Oil drops after supply report; gas up to $3.86

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Associated Press

The price of oil is falling after the government said U.S. supplies of oil rose last week.

Benchmark oil fell 11 cents Wednesday to $97.06 per barrel in New York.

The supply report erased gains seen after a German court cleared a path for Europe to create a fund to bail out financially troubled countries. That's one of several strategies Europe is pursuing to resolve its debt crisis.

Traders also are waiting to see if the Federal Reserve will offer more help for the U.S. economy. Previous Fed stimulus efforts have encouraged investors to buy riskier assets such as oil.

Brent crude increased 43 cents to $115.20 per barrel in London.

At the pump, AAA says the national average price for gasoline rose 1.5 cents overnight to $3.858 per gallon.

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