Oil prices came off an earlier rally this evening after disappointing economic data from the United States, the world's biggest consumer of crude. They had earlier jumped by around $1.50 a barrel in the wake of better than expected economic data from Japan.
Brent North Sea crude edged up 12 cents to $110.87 a barrel this evening. US crude fell 28 cents to $98.50 a barrel.
US consumer confidence slipped in January after two straight months of gains that had stirred hopes for a broader turnaround in the economy, according to a Conference Board index released this afternoon.
Crude oil prices initially rose earlier after Japan, a major oil importer, said that household spending in the world's third largest economy rose for the first time since the devastating March 11 earthquake and tsunami last year.
Traders were also closely watching the latest efforts by euro zone leaders to resolve Greece's debt woes.
