The price of oil is down nearly three percent in New York, after a government report released Wednesday showed supplies are high.
The U.S. Energy Department's mid-week inventory data shows U.S. crude oil inventories were up 1.3 percent, to 334 million barrels last week, from the week before. And that is up 34 million barrels from a year ago.
In New York, light sweet crude oil is down $1.37 at $47.60 a barrel in midday trading.
That news has Wall Street higher. In midday trading, the Dow Jones Industrial Index, the S & P 500 and the NASDAQ were all up more than one percent.
Some information for this story provided by AP and Bloomberg.