Oil steadies on threats by Venezuela

London: Oil steadied near $94 a barrel yesterday, reversing an earlier decline, as Venezuela repeated its threat to stop exports to the US, the world's top consumer.

Venezuela's energy minister, Rafael Ramirez, reiterated the threat made by President Hugo Chavez on Sunday in remarks published by a newspaper yesterday. Oil also got a lift from rising equities, dealers said.

"The stock market rallied and that was on top of the Venezuela threats," said Phil Flynn, analyst at Alaron Trading in Chicago.

US crude rose 10 cents to $93.69 a barrel by 1554 GMT. London Brent crude gained 19 cents to $93.72.

The threat prompted investors to look again at the supply side of the market rather than the demand outlook. Oil has fallen from a record high of $100.09 hit in January.