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Oil hovers below $94 ahead of US supplies report

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BANGKOK (AP) — Oil hovered below $94 a barrel Wednesday ahead of a report expected to show another increase in U.S. crude stockpiles.

Benchmark U.S. crude for December delivery was up 42 cents at $93.78 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract slid $1.25 to $93.37 on Tuesday, adding to a month-long slide.

Crude is down about 10 percent since closing at $104.10 on October 2.

U.S. crude stockpiles have increased in each of the past six weeks, mostly because of rising domestic production, and were more than 10 percent above their five-year average near the end of October.

Energy Information Administration figures for the week ending Nov. 1 due Wednesday are expected to show a further increase of 2.5 million barrels, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Brent crude, the international benchmark, was up 65 cents at $105.98 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline added 3.4 cents to $2.55 a gallon.

— Heating oil rose 2 cents to $2.884 a gallon.

— Natural gas gained 1.3 cents to per $3.479 per 1,000 cubic feet.

 

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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