SINGAPORE (AP) — Oil prices extended gains above $79 a barrel Wednesday in Asia after an unexpected drop in U.S. crude supplies suggested demand could be improving. Benchmark crude for December delivery was up 35 cents to $79.49 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 24 cents to settle at $79.14 on Tuesday. U.S. crude inventories unexpectedly fell last week, the American Petroleum Institute said late Tuesday. Crude stocks fell 4.4 million barrels while analysts had expected a rise of 1.2 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. The Energy Information Administration plans to announce its inventory report later Wednesday. Crude prices have zigzagged around $79 a barrel for more than a month as investors mull mixed economic data from the U.S. Home Depot Inc., Saks Inc. and Target Corp. all reported better-than-expected third-quarter results Wednesday. Traders will next be eyeing the holiday shopping season for signs of improving consumer confidence. In other Nymex trading, heating oil rose 0.64 cents to $2.06 a gallon. Gasoline for December delivery gained 1.11 cents to $2.02 a gallon. Natural gas for December delivery jumped 3.8 cents to $4.57 per 1,000 cubic feet. In London, Brent crude for December delivery rose 37 cents to $79.34 on the ICE Futures exchange. Read the original: Oil above $79 after US crude supply drop (AP)
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Oil above $79 after US crude supply drop (AP)
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