Oil prices rose above US$95 a barrel Friday amid expectations that global crude supplies will remain tight, despite a U.S. oil inventory report that showed a surprising build in domestic crude stockpiles.
Light, sweet crude for December delivery rose US$1.78 to US$95.21 a barrel in electronic trading on the New York Mercantile Exchange by mid-afternoon in Europe. The contract expires at the end of Friday. It fell 66 cents to settle at US$93.43 a barrel overnight.
Some analysts attributed volatility in the market to the expiration of the December contract.
"Price direction should remain dominated today by the management of the expiring …
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