Oil above $94 as traders eye supply data

Oil rises above $94 a barrel; latest data on US supplies awaited, rise expected

Associated Press

Oil rose above $94 a barrel Wednesday, a day after falling to a five-month low.

Benchmark U.S. crude for December delivery gained $1.17 to $94.21 in midday trading on the New York Mercantile Exchange. Tuesday's drop of $2.10 a barrel was the sharpest one-day decline since Sept. 10.

Traders are waiting for the latest data on U.S. crude stocks. Data for the week ended Nov. 8, due Thursday, are expected to show an increase in crude oil stocks of 1.8 million barrels, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos. That would mark the eighth straight weekly increase.

Meanwhile, Brent crude, the international benchmark, added $1.12 to $106.93 a barrel on the ICE exchange in London.

Brent's advance was attributed mostly to continued unrest in Libya, were protests, strikes and production snags have prevented the country's oil industry — a key supplier to Europe — from stabilizing production anywhere near levels before the eight-month civil war in 2011.

In other energy futures trading on Nymex:

— Wholesale gasoline added 5 cents to $2.63 a gallon.

— Heating oil rose 4 cents to $2.89 a gallon.

— Natural gas was flat at $3.61 per 1,000 cubic feet.

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Esam Mohamed in Tripoli, Libya, contributed to this report.

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