Oil Rises Slightly With All Eyes On Europe
The price of oil is swinging between small gains and losses as the market waits for Europe’s next move in trying to clean up its financial mess.
Benchmark oil rose 17 cents to $84.15 per barrel Tuesday in New York. Brent crude rose 30 to $99.15 in London.
There was a bit of good U.S. economic news. The Institute for Supply Management says that service companies such as retail stores and restaurants grew at a slightly faster pace last month.
But worries about Europe’s troubled economy are keeping price gains in check. Finance leaders from seven of the world’s most industrialized powers plan a conference call later Tuesday to discuss the crisis.
Meanwhile, AAA says the national average for gasoline fell 1.5 cents overnight to $3.57 per gallon.