Oil prices were slightly higher today, stabilising after a sharp drop the day before sparked by rising US crude supplies.
Benchmark oil for May delivery was up two cents to $94.47 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped $2.74, or 2.8%, to close at $94.45 last night.
Brent crude rose 36 cents to $107.47 per barrel on the ICE Futures exchange in London.
Oil plunged after the US Energy Department said crude oil supplies grew by 2.7 million barrels to 388.6 million barrels in the week ended March 29.
The US supply of oil is now 7.2% above last year's levels and the highest since July 1990, when it was at 391.9 million barrels.
Oil production in the US is about 7.1 million barrels a day, up 22% from a year earlier and the highest in two decades.
Output has jumped as oil companies use techniques such as horizontal drilling and hydraulic fracturing, or fracking, to unlock crude oil trapped in shale rock formations in the US.
