NEW YORK - (AP) - Oil prices are caught between two competingtrends in the world economy: Europe faces debt problems that couldslow its economy, while developing nations could boost oil demandto a record.
Benchmark U.S. crude rose 14 cents to $87.38 per barrel in NewYork while Brent, used to price many international varieties ofoil, fell 85 cents to $111.92 in London.
The European Commission says that Greece's budget shortfall willbe more than expected, increasing fears that a default there couldspark a slowdown in Europe and hurt energy demand. Oil cartel OPEC,meanwhile, says China and other developing nations will raiseglobal oil demand to new heights in 2011, although it will be lessthan expected.
In the U.S., gasoline prices are down less than a penny to$3.649 per gallon.