Oil prices held steady Friday amid expectations that global crude supplies will remain tight despite a U.S. oil inventory report that showed a surprising build up in domestic crude stockpiles. A U.S. government report said Thursday that crude oil inventories rose by 2.8 million barrels last week, according to a report of the Associated Press. Light, sweet crude for December delivery rose 16 cents to US$93.59 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract expires at the end of Friday. It fell 66 cents to settle at US$93.43 a barrel overnight. The U.S. Energy Information Administration's report also said gasoline supplies rose by 700,000 barrels while inventories of distillates, which include heating oil and diesel fuel, fell by 2 million barrels. Crude prices have been volatile this week, falling more than $3 on Tuesday and rising more than $2 on Wednesday after hitting a record of US$98.62 a barrel last week.
