Oil price wavers around $86 per barrel

October 12, 2011 - 11:55 AM

NEW YORK (AP) — Oil prices are wavering just below $86 per barrel as economists revise their expectations for world demand.

Benchmark crude fell 13 cents to $85.68 per barrel in New York, while Brent crude rose $1.10 to $109.15 in London.

Prices are stayed around those levels after rising for five straight days. Encouraging economic news from Europe pushed prices higher earlier this week.

Analysts say fears of another recession have eased as Europe moves to strengthen its banking system. Experts are still predicting tepid growth for the global economy this year.

OPEC and the International Energy Agency have cut their demand forecasts for this year and next year.

At the pump, the national average for a gallon of regular is $3.405, a record for this time of year.