BANGKOK (AP) — The price of oil stuck to a narrow range Thursday amid ample supplies as traders awaited the latest reading on growth in the Chinese economy.
Benchmark oil for February delivery was up 7 cents to $94.31 per barrel at late afternoon Bangkok time 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.
The American Petroleum Institute reported crude inventories rose by 46,000 barrels in the week that ended Jan. 11.
Supplies of oil and gasoline are above average for this time of year, with crude inventories nearly 9 percent higher than a year ago and gasoline levels more than 3 percent higher. U.S. production of crude, at more than 7 million barrels a day, is the highest in 20 years.
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