Oil Slightly Lower On Economic Questions
The price of oil is slightly lower as investors weigh positive U.S. economic news against ongoing concerns about Europe’s debt crisis
Benchmark oil dropped 34 cents Tuesday to $92.14 per barrel in New York after falling earlier in the session.
A new report says a measure of U.S. home prices jumped 4.6 percent in August from a year ago. That’s the largest increase in more than six years.
But positive U.S. economic news is being offset by concerns about Europe’s ongoing financial crisis and slowing growth in China. Slower growth can cut demand for oil and other energy products.
At the pump, AAA says the national average for gasoline is unchanged at $3.78 per gallon. That’s about 36 cents more than a year ago.