Oil slightly lower on economic questions

Oil price falls near $92 as positive US economic news is weighed against Europe's debt crisis

Associated Press

The price of oil is slightly lower as investors weigh positive U.S. economic news against ongoing concerns about Europe.

Benchmark oil dropped 28 cents Tuesday to $92.20 per barrel in New York. Brent crude, which is used to price international varieties of oil, fell 29 cents to $111.90 per barrel in London.

CoreLogic, a private real estate data provider, says a measure of U.S. home prices jumped 4.6 percent in August compared with a year ago. That's the largest year-over-year increase in more than six years. The new data provides more evidence that the housing market continues to improve.

But investors remain concerned about Europe's ongoing financial crisis. Slower growth in China, which is a huge importer of oil, has also kept a lid on oil prices. Slower growth can cut demand for oil and other energy products.

At the pump, the national average for gasoline was unchanged at $3.78 per gallon, according to AAA, Wright Express and the Oil Price Information Service. That's about a nickel less than a month ago but still nearly 36 cents more than a year ago.

In other energy futures trading:

— The price of natural gas rose 2 cents to $3.50 per 1,000 cubic feet. That's 83 percent above the low for the year of $1.91 reached in April.

— Heating oil is unchanged at $3.14 per gallon.

— Wholesale gasoline is down 3 cents at $2.89 per gallon.

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