Oil prices rise ahead of US production report for Dec.

Benchmark oil for February delivery was up 2 cents to US$93.53 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped 86 cents to finish at US$93.28 a barrel in New York on Tuesday.

“A likely strong reading for U.S. industrial production in December will provide more evidence of U.S. recovery, albeit a gradual one,” analysts at Credit Agricole CIB in Hong Kong said in a market commentary.

Ric Spooner, chief market analyst at CMC Markets in Sydney, said oil prices were reflecting caution as another heated fiscal debate began brewing in Washington.

“They are up a little, but broadly they are still trading pretty well where they were last week and within that range,” Spooner said.

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