Bangkok (AP) -- the international crude oil prices hovering near $87 a barrel, after Wednesday's organization for economic cooperation and development to cut its economic growth prospects of the United States and 17 countries using the euro currency.
January delivery benchmark crude oil prices rose 4 cents to $87.22 a barrel in Bangkok at noon time on the New York mercantile exchange electronic trading. Last Tuesday, the contract fell 56 cents at $87.18 a barrel on the New York mercantile exchange.
The paris-based organization for economic cooperation and development said Tuesday that the combined 17 eurozone countries economy will shrink 0.4%, the difference in May the 0.1% prediction. In 2013, it will shrink 0.1%.
OECD also cut on the U.S. economy prediction. Even if the White House and congress a budget agreement prior to January 1, avoid the so-called cliff automatic tax increases and spending cuts financial organization for economic cooperation and development said, the United States will rose by only 2%, in May next year from the prediction of 2.6%.
Traders said, weak economic growth of energy demand could be hurt.
The CMC Markets, senior market analyst Michael hewson said, organization for economic cooperation and development report readjust the attention to the "European debt crisis continues to global economic growth prospects of the toxic effect."
London's ICE futures exchange, brent crude oil, which is used to set up many varieties of international oil prices 7 cents, to $109.80 a barrel.
In the New York mercantile exchange other energy futures trading:
- gasoline wholesale prices fell 0.2%, at $2.698.
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