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Oil rallies back from brink of 4-month lows, ending near $95

Reuters with CNBC.com
Wednesday, 6 Nov 2013 | 2:46 PM ET
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U.S. crude futures rose by nearly $2 a barrel on Wednesday, rebounding from its lowest in more than four-months on unexpectedly large falls in U.S. fuel supplies to narrow its spread with European Brent crude by more than $1.

Brent edged higher, supported by concerns about prolonged supply outages in Libya as the peak northern hemisphere winter heating season looms. The international benchmark also rebounded after touching a four-month low in recent sessions.

Data from the Energy Information Administration (EIA) showed U.S. gasoline stocks fell by 3.8 million barrels last week, compared with forecasts in a Reuters poll for a 300,000-barrel decline. U.S. distillates stocks fell 4.9 million barrels last week, against forecasts for a 1.3-million-barrel draw, to 118 million barrels, the data showed.

Brent crude gained 10 cents to trade above $105 a barrel, giving up most of the day's gains. U.S. oil rose by $1.43 to settle at $94.80, after ending $1.25 down at the lowest in nearly five months.

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