Oil drifts above $94 ahead of supply report

Oil above $94 as weekly US stockpiles report awaited for new trading cue

Associated Press

BANGKOK (AP) -- Oil rose slightly Tuesday ahead of a U.S. supply report that might show an improvement in demand.

Benchmark U.S. crude for January delivery was up 30 cents at $94.46 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

The contract fell 75 cents to $94.09 on Monday after a deal between Iran and six world powers on the country's nuclear program raised the possibility that sanctions choking Iranian oil exports will eventually be lifted.

Oil traders are now looking to Energy Information Administration figures on U.S. crude and gasoline stockpiles for the week ended Nov. 22 due Wednesday.

Crude oil supplies rose by 400,000 barrels for the week ended Nov. 15, the 9th straight weekly increase. But gasoline supplies fell by 300,000 barrels, and the agency said the average demand for gasoline over the prior four weeks was about 4 percent higher than for the same period last year

Brent crude, a benchmark for international oils, was down 46 cents at $110.54 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 0.3 cent to $2.67 gallon.

— Heating oil dropped 1.3 cents to $3.018 a gallon.

— Natural gas rose 3.1 cents to $3.82 per 1,000 cubic feet.

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