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Oil rose towards $95 on Friday, supported by expectations that the US House of Representatives was likely to pass a financial rescue plan to stem further global market turmoil.
But the gains in crude oil prices were limited by caution ahead of US employment data and due to slow US gasoline demand.
US light crude rose 61 cents to $94.58 a barrel by 1105 GMT. On Thursday, it plunged $4.56 amid a broader sell-off in the commodities markets.
London Brent crude rose more sharply than US crude. Brent earlier gained more than $1 to as high as $91.72 and it was trading 70 cents up at $91.26.
The US House of Representatives could vote as early as Friday on the revised $700 billion financial industry rescue bill, which was approved by the US Senate late on Wednesday.
"We will have a vote at the House of Representatives and we will have the US employment data today. So there is a lot to watch," Olivier Jakob at Petromatrix said.
"Risk really is the weakness of gasoline. If gasoline's crack (premium to crude) goes down to negative territory, it will put pressure down on crude prices even if the House passes the plan."
US non-farm payrolls data is due at 1230 GMT.
New York RBOB gasoline futures have underperformed US crude oil futures this week because of a fall in demand and an increase in inventories in the United States, the world's top oil market.
RBOB gasoline futures' premium to US crude has fallen to 1 cent a barrel, indicating refiners may soon start making losses when producing gasoline from crude oil.
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