Oil Rises to $120 in Early Trading

Oil prices rose to $120 a barrel in early trading Wednesday, a day after falling more than $2 to below that level, Bloomberg reported.

Crude futures rose in after-hours trading on the New York Mercantile Exchange to $120 a barrel, after falling $2.24 Tuesday to close at $119.17, Bloomberg said. The price Tuesday had fallen to as low as $118 before rebounding.

The early increase Wednesday was due in part to a large pipeline explosion in Turkey that is a key supplier to Europe, Bloomberg reported.

Oil has fallen more than $25 since setting a closing-price record $145.18 on July 14.