Oil rises near $94 on China, U.S. recovery hopes

BANGKOK Oil prices rose to near $94 today, supported by signs of economic recovery in the U.S. and China.

Benchmark oil for February delivery was up 33 cents to $93.89 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped 26 cents to finish at $93.56 a barrel in New York on Friday.

Gordon Kwan, head of energy research at Mirae Asset Securities Ltd. in Hong Kong, said oil prices were rising on signs that the fragile economic recoveries in the world's two biggest economies appeared to be gaining traction. The U.S. housing market has shown steady improvement, while China's trade growth rebounded strongly in December.