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Oil Prices Up Slightly After US GDP Revision

Kevork Djansezian/Getty Images

NEW YORK (AP) — The price of oil is slightly higher Wednesday. Investors are weighing a higher estimate from the government on U.S. economic growth against an industry report showing a decline in oil demand.

Oil demand in the U.S. has tumbled as prices rose to nine-month highs. The Energy Department is expected to report later Wednesday that demand continues to lag 2011 levels.

Earlier, the government said the economy expanded at a 3-percent annual rate in the fourth quarter. That’s up from a prior estimate of growth of 2.8 percent.

Benchmark U.S. crude was up 18 cents at $106.73 per barrel while Brent crude gained 74 cents to $122.29 in London.

Retail gasoline prices rose for the 22nd consecutive day to a national average of $3.73 per gallon.

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