Oil prices are lower alongside modest declines on Wall Street as investors acknowledge that Europe needs to tighten its belt for years as it works through a credit crisis.

Benchmark crude fell 52 cents to $93.44 per barrel in New York, while Brent crude lost $1.65 at $110.43 per barrel in London.

Prices have seesawed for weeks while Europe tried to deal with Greece's debt troubles. Oil soared Thursday after eurozone leaders hammered out an agreement to avoid default, and economic news in the U.S. soothed fears of another recession. Still, analysts agreed that Europe has much more work to do and the U.S. economy is not yet up to full steam.

At the pump, gasoline prices rose less than a penny to a national average of $3.448 per gallon.

 

Copyright 2011 The Associated Press.