Oil down slightly, nears $94 per barrel

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By CHRIS KAHN, Associated Press

NEW YORK (AP) — The price of oil is down slightly as Europe managed to avoid falling into recession thanks to slight economic growth in Germany.

Benchmark West Texas Intermediate crude gave up 56 cents to $94.23 per barrel in New York while Brent crude added 46 cents to $111.46 per barrel in London.

Prices had been falling for most of the past two weeks as Western economies appeared to slow down, likely reducing their demand for petroleum fuels, while crude production rose in Saudi Arabia and other oil-rich countries. On Tuesday, Germany reported tepid first-quarter growth, but enough to prevent the eurozone from slipping into a recession.

In the U.S., gasoline prices were flat at $3.727 per gallon.

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