Oil Rises as Tropical Storm Moves Into Florida

Oil prices rose Tuesday even as a tropical storm came ashore in Florida, sparing Gulf of Mexico oil platforms, Bloomberg reported.

A day after falling 90 cents to close at $112.87 a barrel on the New York Mercantile Exchange, oil rose to $114.53 after the dollar slipped versus the euro and heating oil futures rose, Bloomberg said.

Heating oil futures 9.8 cents, or 3.2%, to $3.183 a gallon on the Nymex, the Associated Press reported.

Tropical Storm Fay moved into Florida Tuesday, drenching the state with rain and becoming a threat to cause tornadoes, but it did not strengthen to a hurricane and did not damage oil platforms in the Gulf of Mexico, AP said.