Oil rises slightly on unrest in the Middle East

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Posted: Oct 12, 2012 10:35 AM
Updated: Oct 12, 2012 10:35 AM
Source: Associated Press

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Topics: new york, oil, price, middle east, demand, supply, unrest, economy, money

NEW YORK - The price of oil is slightly higher as worries about unrest in the Middle East are offset by new predictions of falling demand.

Benchmark oil rose 1 cent Friday to $92.08 per barrel. Brent crude fell 83 cents to $113.84 per barrel in London.

Oil prices have been rising as tensions between Syria and Turkey increase, with cross-border shelling from Syria's civil war potentially threatening a crucial supply route.

That is being tempered by a new International Energy Agency report that predicts slower growth in demand for oil in 2012.

At the pump, AAA says the national average price for gasoline fell less than a penny overnight to $3.81 per gallon. That's about 5 cents less than a month ago.

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