November 16, 2013

Signs of oversupply help hold down the price of oil

Strong U.S. production contributes to the barrel cost remaining steady.

The Associated Press

NEW YORK — The price of oil circled $94 for a second week as the promise of the continuation of the Federal Reserve’s economic stimulus was balanced by abundant U.S. supplies.

Oil rose 8 cents to close at $93.84 a barrel Friday, one day after incoming Federal Reserve chief Janet Yellen indicated economic stimulus will stay in place pending further improvement in the U.S. economy. The Fed’s low interest-rate policy has supported investment in riskier assets such as oil and stocks.

Data from the Energy Department showed the U.S. produced more crude oil than it imported in October for the first time since 1995. It also showed crude oil supplies rising for an 8th straight week, by 2.6 million barrels.

Oil has traded between $93 and $96 a barrel over the past two weeks, and is down 77 cents since Nov. 1.

The average price of a gallon of gasoline rose 1 cent to $3.20.

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