Oil drifts below $94 ahead of US supply report

Friday, November 22, 2013, Vol. 37, No. 47
PABLO GORONDI, Associated Press

NEW YORK (AP) — The price of oil fell Tuesday as traders wait to see if the government reports a 10th straight weekly increase in U.S. crude oil supplies.

Benchmark U.S. crude for January delivery fell 41 cents to close at $93.68 a barrel on the New York Mercantile Exchange.

Meanwhile, the average price for gasoline in the U.S. inched up another penny to $3.29. That's the highest average price since Oct. 27, but is still 13 cents cheaper than at this time last year.

A day after assessing a deal between Iran and six world powers on the country's nuclear program, traders began looking ahead to figures on U.S. crude and gasoline stockpiles.

Data for the week ending Nov. 22 is expected to show a decline of 1.5 million barrels in crude oil stocks and a increase of 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Crude oil supplies rose by 400,000 barrels for the week ended Nov. 15, the ninth straight weekly increase.

Brent crude, a benchmark for international oils, slipped 12 cents at $110.88 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline added 1 cent to $2.69 gallon.

— Heating oil added 1 cent to $3.04 a gallon.

— Natural gas gained 3 cents to $3.82 per 1,000 cubic feet.