BANGKOK (AP) — Oil prices were nearly unchanged Tuesday after industrial production shrank in the 17 countries that use the euro, raising concerns of a prolonged recession in the region.
Benchmark crude for February delivery was up 3 cents to $94.17 per barrel at late aftenroon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 58 cents to finish at $94.15 per barrel in New York on Tuesday.
Industrial output across the eurozone fell in November for the third straight month, the European Union statistics office said Monday. The worse-than-expected 0.3 percent monthly decline was felt across the whole economy and sparked worries that it was a sign the current recession might linger.
“The weaker than expected European industrial production … has seen Brent and US crude prices remain under pressure,” Michael Hewson, senior market analyst at CMC Markets, said in a market commentary.
Brent crude, used to price international varieties of oil, rose 27 cents to $111.22 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
— Wholesale gasoline was up 0.1 cent at $2.773 a gallon.
— Natural gas fell 2.6 cents to $3.347 per 1,000 cubic feet.
— Heating oil rose 0.8 cent to $3.071.
