THE PRICE of oil is rising as operations at refineries and supply terminals in the US Northeast remain restricted three days after Superstorm Sandy.

Benchmark oil gained 85 cents Thursday to finish at US$87.09 per barrel in New York.

Power outages are hampering refineries, storage tanks and supply terminals as they work to restore operations, largely in New York and New Jersey. Imports of oil are also limited, adding to supply problems.

In London, Brent crude, which is used to price international varieties of oil, fel l 53 cents to end at US$108.17 per barrel.

In other trading:

• Heating oil fell 3 cents to finish at US$3.03 per gallon.
• Wholesale gasolene was flat at US$2.63 per gallon.
• Natural gas rose less than a penny to end at US$3.70 per 1,000 cubic feet after the Energy Department said inventories rose last week to a level about seven per cent above the five-year average.