Oil rose in New York as investors speculated that the biggest weekly decline in more than three months was exaggerated.

November futures gained as much as 0.7 percent after front- month prices slipped 7.2 percent in the four days through yesterday's close when the October contract expired. New York crude may also rebound after settling below the lower Bollinger Band of $92.55 for the past two days. The last time oil closed below the band on June 21, prices gained 12 percent over the next 8 trading sessions.

"When you see an unexpected sharp drop like that you normally see a peak to valley move about $10 from high to low and then the buyers come in," said Phil Flynn, senior market analyst at the Price Futures Group in Chicago. "We should see a 30 percent to 50 percent recovery of the crude price drop in short order."

Oil for November delivery advanced as much as 60 cents to $93.02 a barrel in electronic trading on the New York Mercantile Exchange and was at $92.86 at 9:15 a.m. Sydney time. It climbed 12 cents yesterday to $92.42. Prices are down 6.2 percent for the week, the biggest decline since the week ended June 1. The October contract expired at $91.87, down 11 cents.

Brent oil for November settlement climbed $1.84, or 1.7 percent, to $110.03 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark grade's premium to West Texas Intermediate closed at $17.61.