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Price of oil still teeters near US$92 on expectations of global supply swell

The price of oil remained near US$92 a barrel Tuesday on expectations that global supplies will rise with ramped up output in Libya and the North Sea, along with increased exports from Iran if a deal on its nuclear program succeeds.

Benchmark U.S. oil for February delivery was up 21 cents at US$92.01 a barrel at 0500 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 92 cents to close at US$91.80 on Monday.

Brent crude, used to set prices for international varieties of crude used by many U.S. refineries, was up 1 cent at US$105.98.

An agreement Sunday between Iran and six world powers may enable Iran's oil industry, whose exports were severely limited by economic sanctions over its nuclear program, to sell more crude after the deal takes effect Jan. 20.

News of the agreement coincided with reports of a rebound in production by Libya. Meanwhile, North Sea oil output is due to increase with the restart of the Buzzard oilfield.

In other energy futures trading in New York:

— Wholesale gasoline was down 0.4 cent at US$2.631 a gallon.

— Natural gas rose 3.4 cents to US$4.308 per 1,000 cubic feet.

— Heating oil fell 0.1 cent to US$2.934 a gallon.

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