Oil rose more than $3 on Wednesday on speculation that a decision by central banks to provide cash to financial institutions will generate economic growth.

Crude oil for delivery in January rose $3.74 or 4.15 percent, to $93.76 a barrel at 4:08pm on the New York stock exchange. Brent crude for January delivery trading on the London ICE Futures Europe exchange rose $4.28 or 4.81 percent , to $93.26 a barrel.

The Federal Reserve and major central banks, including the European, Swiss and English, coordinated on Wednesday to ease credit pressure by creating a temporary short-term lending facility.

Meanwhile, the Energy Department said last week that U.S. crude oil supplies rose. Demand for fuel has averaged 21 million barrels. Crude oil inventory fell to 722,000.