Oil price fluctuates around $86 per barrel

Oil price fluctuates around $86 per barrel

NEW YORK (AP) — Oil prices are fluctuating today, as economists and investors consider how much oil the world will consume in coming months.

Fears of another recession have diminished as European financial leaders take steps to strengthen their banking system. Still, analysts predict tepid economic growth. Overall, research groups say the world is consuming oil at a slower pace than previously expected.

Benchmark crude rose 28 cents to $86.09 per barrel in New York. It was below $85 earlier in the day. Brent crude, which is used to price oil from foreign countries, rose $1.09 to $109.14 in London.

Prices have risen for six straight days, mainly on encouraging economic news from Europe. European leaders today announced plans to force banks to pad their cash reserves to protect them from further market turmoil amid the region’s debt crisis.