Oil rose for a third day as traders searched for clues to whether the Federal Reserve may be considering additional measures to spur economic growth.
Benchmark oil rose 73 cents to finish at $85.02 per barrel Wednesday in New York. The last time U.S. crude gained for three straight days was late April.
Traders are anticipating remarks about the economy from Federal Reserve Chairman Ben Bernanke on Thursday when he testifies before Congress. Of note will be Bernanke's take on the weak jobs report for May. Just 69,000 jobs were created last month, the fewest in a year.
"If he thinks it's bad and his mandate is full employment, the odds of a stimulus go up," Price Futures Group analyst Phil Flynn said.
Meanwhile, the U.S. oil supply dropped slightly last week to 384.6 million barrels, the first decline since mid-March. The Energy Department said that crude supplies still remain 4.2 percent above the year-ago level.
Brent crude, which is used to price varieties of international oil, gained $1.80 to end at $100.64 per barrel in London.
In other trading, heating oil rose 3.81 cents to end at $2.6717 per gallon and gasoline increased 0.56 cent to $2.6903 per gallon. Natural gas dropped 2.5 cents to $2.421 per 1,000 cubic feet.
At the pump, the national average for a gallon of gasoline fell half a cent overnight to $3.565, according to AAA, Wright Express and the Oil Price Information Service. That's about 21 cents less than a month ago.