BANGKOK – Oil fell to near US$93 a barrel Wednesday as energy markets waited for a U.S. report on crude supplies.
The benchmark U.S. crude futures contract for January delivery was down 22 cents at $93.46 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 41 cents to $93.68 on Tuesday.
Oil is down from about $110 in October due to a muted outlook for demand, high supplies and reduced tensions in the oil rich Middle East.
Data for the week ending Nov. 22 is expected to show a decline of 1.5 million barrels in U.S. crude oil stocks and an 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, was up 6 cents at $110.94 a barrel on the ICE exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline rose 0.5 cent to $2.687 a gallon.
— Heating oil shed 0.3 cent to $3.04 a gallon.
— Natural gas fell 0.4 cent to $3.86 per 1,000 cubic feet.
(TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, TSX:CVE)