Oil little changed after erasing earlier decline

Oil little changed after erasing earlier decline; reports says global oil demand is slowing

Associated Press

The price of oil is little changed after making up declines from earlier in the day.

Benchmark oil is down 4 cents to $85.53 per barrel. At one point it had dropped to $84.57.

Oil appeared to track U.S. stocks, which moved into positive territory around midmorning.

The earlier losses came after the International Energy Agency lowered its forecast for oil demand while saying global supplies were growing.

In London, Brent crude, used to price international varieties of oil, is down 94 cents to $108.13 a barrel on the ICE Futures exchange.

Pump prices in the U.S. appear to have leveled off at an average of $3.44 per gallon. They've dropped about 35 cents in a month and are now just two cents higher than a year earlier.

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