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Oil steady around $92 slow world economy still in focus

Benchmark oil rose 14 cents to $91.99 per barrel in morning trading in New York.

The Associated Press

9/28/2012

NEW YORK  — The price of oil is hanging around $92 as investors remain concerned that economic stimulus measures from central banks around the world won't stimulate much oil demand.

Benchmark oil rose 14 cents to $91.99 per barrel in morning trading in New York. In London, Brent crude rose 48 cents to $112.49.

Oil prices have been supported by economic stimulus measures and tensions in the Middle East, but traders are increasingly focusing on the weakness in world economies that prompted the stimulus measures.

The average retail price of a gallon of gasoline in the U.S. fell less than a penny to $3.79 per gallon. The price has fallen 8 cents over the past two weeks, but it is still higher than ever before for this time of year.

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