The price of oil closed above $98 a barrel for the first time in more than four months after the U.S. Federal Reserve announced steps to boost the U.S. economy, which it says is too weak to reduce high unemployment.

On the New York Mercantile Exchange:

Benchmark crude closed up $1.30 at $98.31.

Wholesale gasoline fell 4 cents to $2.96 a gallon.

Natural gas ended down 3 cents at $3.04 per 1,000 cubic feet.

Heating oil fell less than a penny to close at $3.21 a gallon.

On the ICE futures exchange in London:

Brent crude, used to price international varieties of oil, ended up 55 cents at $115.88 per barrel.