Oil rises as traders look to Fed's next move

The price of oil is climbing for a third straight day as traders search for clues to whether the Federal Reserve is considering additional measures to help economic growth.

Benchmark oil rose $1.53, or 1.8 percent, to $85.82 per barrel Wednesday in New York. Brent crude gained $2.21, or 2.2 percent, to $101.05 per barrel in London.

Fed Chairman Ben Bernanke is scheduled to testify Thursday before Congress. Traders hope that he'll signal the possibility of new measures to stimulate the economy, which has shown signs of weakening.

Meanwhile, the European Central Bank isn't offering new stimulus measures. The region's financial crisis is raising questions about future demand for oil.

At the pump, AAA says the national average for a gallon of gasoline fell half a cent overnight to $3.565.

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