BANGKOK (AP) — The price of oil was nearly unchanged Thursday, stabilizing after a sharp drop the day before sparked by rising U.S. crude supplies.

Benchmark oil for May delivery was down 4 cents to $94.40 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped $2.74, or 2.8 percent, to close at $94.45 on Wednesday. The last time oil fell by that much in a day was on Nov. 20.