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Oil drifts below $94 ahead of US supply report

November 26, 2013

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.

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.


Pablo Gorondi in Budapest contributed to this report.

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