Oil up Over 2 Percent on Tighter Supply

Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pa., on Oct. 5, 2017. Brendan McDermid/Reuters

LONDON—Oil prices rose by over 2 percent on Wednesday on signs of tighter supply, a weaker dollar, and optimism over a Chinese demand recovery.

Brent crude futures rose $2.06, or 2.48 percent to $85.09 per barrel by 1044 GMT. The more active February Brent crude contract rose by 2.02 percent to $85.95.