Oil lower despite retail surge, Greece deal

  • Associated Press
November 27, 2012

Oil prices are lower as traders remain unsure whether positive U.S. economic news signals an increase in demand for fuel.

The lower oil prices Tuesday matched a slight decline in U.S. stocks markets.

Traders were looking past news that might have been expected to push oil prices higher. U.S. holiday spending and consumer confidence rose, and negotiations over the next installment on Greece’s bailout proved to be successful.

Some analysts, however, warned that it’s still not clear that demand for oil is rising.

Crude oil was down 15 cents to $87.59 in morning trading on the New York Mercantile Exchange.

AAA says gasoline prices at the pump fell a fraction of a penny to $3.419 per gallon, compared with Monday’s price.



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