Oil price rises on US jobs report

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Oil is rising as investors turned their attention from Europe’s debt struggles to encouraging news about the U.S. economy.

Benchmark crude rose $1.01 to $93.20 per barrel on Wednesday morning in New York, while Brent crude added $1.68 at $111.22 in London.

Prices rose following a report that said the private sector added 111,000 jobs in October. The Automatic Data Processing report says most of those gains were in the services industry.

The Federal Reserve ends a two-day meeting Wednesday. While economists don’t expect any new policy announcements, they’ll be listening for hints of new measures to stimulate the economy.