Crude oil prices rose on Friday on despite expectations for Libya to ramp up its output to normal levels.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in February traded at USD92.41 a barrel during Asian morning trade, up 0.81%. On Thursday New York-traded oil futures hit a session low of USD92.1 a barrel and a high of USD92.39 a barrel.
The February contract settled at USD91.66 a barrel on Thursday. Nymex oil futures were likely to find support at USD91.29 a barrel, the low from June 2, and resistance at USD94.58 a barrel, Monday''s high.
The U.S. Energy Information Administration had said in its weekly report that U.S. crude oil inventories fell by 2.68 million barrels in the week ended Jan. 3, beating expectations for a decline of 849,000 barrels. Total U.S. crude oil inventories stood at 357.9 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 6.24 million barrels, significantly higher than expectations for a gain of 2.28 million barrels.
Meanwhile inventories of distillates, which include diesel fuel and heating oil, rose by 5.83 million barrels compared to market calls for a gain of 1.90 million.
The hikes in refined oil products sent prices falling as did Libyan supply concerns.
Oil prices have fallen in recent sessions on expectations for Libyan production to approach normal levels and add to global supply.
Libya is reportedly producing about 650,000 barrels of oil a day, about half of normal capacity through up from 100,000 barrels a day produced in 2013, when protesters disrupted operations a key fields.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for February delivery were down 0.01% to trade at USD106.48 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD14.07 a barrel