Oil drifts above $94 ahead of supply report

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Associated Press

Posted on November 26, 2013 at 7:02 AM

Updated Tuesday, Nov 26 at 7:02 AM

BANGKOK (AP) — Oil rose slightly today 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.

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