Minden Press-Herald

Sep 21st

Oil prices rise ahead of consumer survey

The price of oil rose to near $93 a barrel on Tuesday, lifted by expectations of improved consumer confidence in the U.S. and supply concerns tied to new sanctions against Iran.

By early afternoon in Europe, benchmark oil for November delivery was up 94 cents to $92.87 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 96 cents to finish at $91.93 per barrel on Monday. Worries about weaker economic growth dragged down prices because slower economies mean less demand for oil.

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