KUALA LUMPUR, Malaysia – Oil hovered above $93 a barrel Wednesday after a sharp plunge the day before in anticipation of high U.S. crude supplies.
Benchmark U.S. crude for December delivery was up 30 cents to $93.34 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract dived $2.10 to close at a five-month low of $93.04 on Tuesday.
Brent crude, the international benchmark, added 49 cents to $106.04 a barrel on the ICE exchange in London.
Oil prices tumbled Tuesday amid expectations that U.S. crude stocks will rise for the eighth straight week. Data for the week ended Nov. 8 due later Wednesday is expected to show an increase in crude oil stocks of 1.8 million barrels, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
A report by the Paris-based International Energy Agency also affected sentiment. The IEA said China and India would turn Asia into the world's main driver of energy demand in coming years, while the United States is expected to be able to meet its energy needs from domestic sources by 2035.
In other energy futures trading on Nymex:
— Wholesale gasoline added 0.9 cent to $2.583 a gallon.
— Heating oil rose 0.8 cent to $2.861 a gallon.
— Natural gas gained 3.3 cents to $3.65 per 1,000 cubic feet.