Crude gains nearly $2 after Chavez threatens to cut U.S. supply

Crude oil rose for a third session on Monday, up nearly $2 to approach $94 a barrel, after Venezuelan President Hugo Chavez threatened to cut off oil supplies to the Unites States in retaliation of Exxon Mobil Corp.'s legal action to freeze Venezuela's assets. Crude-oil futures for March delivery rallied $1.98, or 2.2%, to $93.75 a barrel in late morning trading. They rose to an intraday high of $94.72 earlier. The contract also fell to an intraday low of $90.92 in earlier trading on economic worries. 'The market seems to be weighing fresh supply threats against clear indications of a slowing economy and weakening oil demand,' said John Kilduff, an analyst at futures brokerage MF Global, in a research note.