Oil prices little changed

Filomena Scalise

Filomena Scalise

Published Oct 17, 2012

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New York - Oil prices wavered between small gains and losses on Tuesday as traders mulled mixed data about the United States' slowly recovering economy.

The Labour Department said the consumer price index rose 0.6 percent last month, the same as in August, with inflation still in check.

Meanwhile, the Federal Reserve said industrial production was barely higher last month, and factory output showed a decline in the July-September quarter. Weak activity in the US manufacturing sector generally means less demand for oil.

Benchmark crude was down five cents to $91.80 a barrel in New York shortly before 2pm (18h00 GMT).

Brent crude, which is used to price international varieties of oil, lost 27 cents to hit $114.13 a barrel in London. - Sapa-AP

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