Oil advanced from the lowest price in more than five weeks in New York after reaching technical- support levels that spurred buying. Futures rose as much as 0.7 percent today after falling yesterday and nearing the 50-day moving average of about $94.24 a barrel, according to data compiled by Bloomberg. Buy orders tend to be clustered near chart-support levels. Oil fell after OPEC raised its output ceiling and Europe’s debt crisis worsened, threatening a recession that may curb demand for commodities. Crude for January delivery gained as much as 67 cents to $95.62 a barrel in electronic trading on the New York Mercantile Exchange and was at $95.61 at 3 p.m. Sydney time. The contract yesterday slid 5.2 percent to $94.95, the lowest close since Nov. 4. Prices are 4.7 percent higher this year after climbing 15 percent in 2010. Brent oil for January settlement increased 1.2 percent to $106.25 a barrel on the London-based ICE Futures Europe exchange. The contract expires today. The more-actively traded February future climbed 81 cents to $105.06. The European benchmark contract’s premium to West Texas Intermediate was at $10.59, compared with a record $27.88 on Oct. 14. Members of the Organization of Petroleum Exporting Countries yesterday agreed to raise their output target to 30 million barrels a day, changing its production quota for the first time in three years. To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net To contact the editor responsible for this story: Paul Gordon in Hong Kong at pgordon6@bloomberg.net

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