The price of oil fell to $94 a barrel today amid ample supplies as traders awaited the latest reading on growth in the Chinese economy.
Benchmark oil for February delivery was down 24 cents to $94 a barrel in electronic trading on the New York Mercantile Exchange.
The contract rose 96 cents to close at $94.24 a barrel on the New York Mercantile Exchange last night.
Brent crude, used to price international varieties of oil, was up 8 cents to $109.76 a barrel on the ICE Futures exchange in London.
The American Petroleum Institute reported crude inventories rose by 46,000 barrels in the week that ended January 11. Supplies of oil and petrol are above average for this time of year, with crude inventories nearly 9% higher than a year ago and petrol levels more than 3% higher.
US production of crude, at more than 7 million barrels a day, is the highest in 20 years.
Traders are waiting for China's growth data tomorrow to help assess the strength of the global economy. China will release fourth-quarter growth data for 2012 as well as overall GDP figures for the year.
