THE price of oil was little changed yesterday as rising US supplies offset a strong report on US consumer spending that pointed to growing demand for oil and gas in a strengthening economy.

Benchmark oil for April delivery fell 2 cents to close US$92.52 on the New York Mercantile Exchange. It was the first decline in the last five trading sessions.

Crude supplies rose by 2.6 million barrels, or 0.7 percent, to 384 million barrels, which is 10.5 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report. Analysts expected an increase of 2.3 million barrels for the week ended March 8.

That offset a positive report on retail sales. Americans increased their overall retail spending 1.1 percent last month compared with January, the government said. It was the sharpest increase in five months.

At the US gas pump, the average price for a gallon rose slightly to US$3.71. That's up 12 cents from a month ago, but down 10 cents from this time last year.

Sustained concerns about the global economy - highlighted in the latest monthly oil market report from the International Energy Agency - helped keep a lid on crude prices in recent weeks.

The Paris-based IEA lowered its expectations for global oil demand growth in 2013 by 20,000 barrels a day from its prediction last month. It now sees global appetite for crude this year at 90.6 million barrels a day.

"Continued deterioration in the European economic environment, signs of a potential slowdown in China and automatic US government spending cuts combined to suggest that oil demand growth might remain relatively weak in 2013," the IEA said. "Together, these three economic 'hits,' affecting as they do the world's three largest economies and oil consumers, appear to further delay an elusive turnaround in global economic, and in turn oil demand, growth."

Brent crude, used to price many kinds of oil imported by US refineries, fell 99 cents to end at US$108.24 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

- Wholesale gasoline lost 1 cent to finish at US$3.14 a gallon.

- Heating oil fell 2 cents to end at end at US$2.92 a gallon.

- Natural gas added 4 cents to finish at US$3.68 per 1,000 cubic feet.