Crude Oil Futures Up Before US Supply Data

Crude oil prices edged higher in Asian trading Tuesday but held below the $95 mark as bargain hunters emerged ahead of data on U.S. oil supply and growth data.

- WTI crude oil futures for December delivery last traded at $94.80 a barrel, compared with $94.44 per barrel late Monday. As of 07:18 GMT

- December Brent gained 10 cents to $106.39 a barrel.

Crude inventories in the U.S. have climbed for the past six weeks, to about 28 million barrels, raising concerns about oversupply in the world`s largest economy and top crude consumer.

WTI is trading below the $95 threshold after falling for four consecutive sessions last week under pressure from the buildup in crude stockpiles, before rising slightly on Monday. The Energy Information Administration will release its weekly inventory report on Wednesday.

Traders and investors’ focus will remain in the U.S., as key data inolving U.S. growth and labor market are due this week, which are closely anticipated as markets look to measure the strength of the U.S. economy for clues over the Federal Reserve accommodative bond-buing program.

The advance estimate of U.S. third quarter Gross Domestic Product (GDP) is due Thursday. U.S. October jobs figures are due on Friday.

The Fed’s $85 billion in monthly asset purchases have supported economic recovery by keeping interest rates low and have also been one of the reasons why many stock indexes, including the main U.S. markets, have struck record highs.

Libyan oil production levels also remain in focus, analysts said. The Libyan state oil company said Monday that protesters had maintained their blockade of the main oil facilities in the country, where production has fallen 80 percent since July.

- Natural gas slipped 0.61% to $3.42 per cubic feet.

- Gasoline is trading at $253.20 per cubic feet after rising 0.15%.

- Heating oil (diesel) is trading at $288.22 a gallon, up 28%.