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OECD provides wake up call for oil prices

May 22, 2012 at 7:33 PM   |   Comments

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NEW YORK, May 22 (UPI) -- A negative economic report in Paris pushed crude oil prices toward $92 per barrel Tuesday morning on the New York Mercantile Exchange.

The Organization of Economic Cooperation and Development warned Europe's economy would likely shrink this year and its lack of growth would drag on the global economy.

The OECD's previous prediction called for 0.2 percent economic growth in Europe in 2012 and 1.4 percent in 2013. That has been changed to a 0.1 percent contraction for 2012 and growth of 0.9 percent for 2013.

In New York, West Texas Intermediate crude for June delivery lost 17 cents to $91.68 per barrel. Natural gas for June delivery shed 1.8 cents to hit $2.689 per million British thermal units.

Home heating oil was up 1 cent to $2.8615 per gallon.

Gasoline added 0.05 cents to reach $2.945 per gallon.

At the pump, the national average price of unleaded gasoline fell to $3.68 per gallon from Monday's $3.689, AAA said.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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