The price of a barrel of crude oil topped $94 a barrel in New York Tuesday morning, continuing a rally that kicked off with positive manufacturing data.
Better than expected purchasing managers indexes for Chinese and U.S. manufacturing gave oil a boost Monday with gains partially checked by concerns the Federal Reserve could pull back on the quantitative easing program if the economic recovery gains enough momentum.
Traders are also waiting for word on production quotas from the Organization of Petroleum Exporting Countries, which meets in Vienna Wednesday.
Light, sweet January crude oil on the New York Mercantile Exchange added 25 cents to reach $94.07 per barrel.
Reformulated gasoline blendstock for January gained 0.43 cents to reach $2.6827 a gallon.
January heating oil shed 0.5 cent, 0.16 percent, to hit $3.0451 a gallon while natural gas dropped 2 cents to $3.97 per million British thermal units.
The national average price of unleaded regular gasoline gave up 0.5 cent to $3.263 a gallon from Monday's $3.268 a gallon, the AAA Daily Fuel Gauge Report said.