Oil Rises as Stocks Sink (Update)

West Texas crude gains $6.01 to settle at $97.16 a barrel.
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Updated from 1:35 p.m. EDT

Crude oil finished Wednesday's trading session higher on the New York Mercantile Exchange, as the overall

stock market

sank.

West Texas crude gained $6.01 to settle at $97.16 a barrel, and Brent was mostly unchanged at $94.35 a barrel.

Reformulated

gasoline

edged 3 cents higher to $2.46 a gallon, while heating oil climbed 4 cents to $2.83 a gallon. Natural gas slid 15 cents to $7.91 per million British thermal units during the session.

Meanwhile, the Energy Information Administration reported that total commercial petroleum inventories fell by 11.9 million barrels during the week ending Sept. 12 and are now in the lower end of the average range for this time of year.

Elsewhere, energy stocks moved mostly lower along with the broader equities market Wednesday.

BP

(BP) - Get Report

dropped 1.7% to $51.41,

ConocoPhillips

(COP) - Get Report

sank 4.1% to $69.32, and

Exxon Mobil

(XOM) - Get Report

fell 1.5% to $75.28.

The

U.S. Oil Fund

(USO) - Get Report

, an exchange-traded fund that closely tracks the performance of WTI futures contracts on the Nymex, bucked the overall trend and rose 3.4% to $77.50.