BUSINESS

Oil price ends slightly higher after ups and downs following mixed economic data

10/16/2012 03:53 EDT | Updated 12/16/2012 05:12 EST
NEW YORK, N.Y. - The price of oil finished slightly higher Tuesday, following a day of wavering between small gains and losses as traders mulled mixed economic data.

The U.S. Labour Department said the consumer price index rose 0.6 per cent 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 nation's manufacturing sector generally means less demand for oil.

Benchmark U.S. crude ended up 24 cents at $92.09 a barrel in New York.

Brent crude, which is used to price international varieties of oil, lost 40 cents to finish at $114 a barrel in London.

At the pump, the U.S. average for a gallon of gas fell a little more than a cent from Monday, to $3.77.

Other futures on the New York Mercantile Exchange:

— Heating oil fell a penny to end at $3.20 a gallon.

— Natural gas lost 5 cents to finish at $3.44 per 1,000 cubic feet.

— Wholesale gasoline ended down a half-cent at $2.85 a gallon.

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