New York - A late-day surge left oil prices virtually unchanged on Monday, erasing losses of more than two percent.
Earlier in the day, the focus was on weaker oil demand. Traders seemed to warm slowly to some positive US economic news as the day went along. Higher US stock prices may have also influenced the buying of oil.
The Commerce Department said on Monday that retail sales rose 1.1 percent last month. That follows a 1.2 percent increase in August. They were the largest gains in two years, driven by auto sales and the release of the iPhone5.
The S&P 500 and the Dow Jones industrial average each rose about 0.7 percent.
Benchmark crude finished down a penny at $91.85 a barrel on the New York Mercantile Exchange.
In London, Brent crude, used to price international varieties of oil, gained 79 cents to $114.40 a barrel. - Sapa-AP