Oil steadies around $92 after 3-day slide

The price of oil is steady around $92 a barrel Thursday after three days of losses. But weak economic data from Europe, China and Japan are reinforcing expectations of lower oil demand.

In morning trading, U.S. benchmark oil rose 2 cents to $92 in New York. In London, Brent crude was up 89 cents to $109.05.

Oil is down 7 percent so far this week. Signs that the global economy is slowing tend to push oil prices lower because people and businesses use less energy. Also the U.S. government reported that crude stocks were unusually high.

The national average retail gasoline price fell less than a penny to $3.85 per gallon. Analysts expect the prices to decline, but tight supplies on the East and West coasts are keeping them high.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-09-20-Oil%20Prices/id-71bc963ac01c4a0bb5fe35463761daa0

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