Oil prices rise; gasoline prices down

Oil prices rose today after the government reported inventories fell last week, though supplies remained well above the five-year average.

Benchmark crude for November delivery gained $1.20 to settle at $77.86 a barrel on the New York Mercantile Exchange.

Meanwhile, the national average for a gallon of regular gasoline didn’t change much overnight at $2.692, according to a survey by AAA, Wright Express and the Oil Price Information Service. The price is almost 3 cents lower than it was a week ago but over 20 cents more than a year ago.