The price of oil was little changed as the market waits for Europe's next move to try to clean up its financial mess.

Benchmark oil was up 2 cents at $84 per barrel Tuesday in New York. Brent crude, which is used to price international varieties of oil, fell 5 cents to $98.80 in London.

Finance ministers and central bank presidents of the world's seven wealthiest countries held an emergency conference call Tuesday to discuss options being considered by European leaders, but no substantive details were announced. The U.S. has said it expects to see more action in the next two weeks to strengthen the European banking system.

Worries about European crisis have raised concerns about how it could affect the U.S. and other nations that do business with Europe. The crisis also could hurt future demand for oil and other energy products.

New signs of the slowing European economy emerged as Markit Economics reported that its composite Purchasing Managers' Index for countries that use the euro fell last month from April. It was the steepest rate of decline in the region's manufacturing and services production since June 2009.

U.S., service companies, like retail stores and restaurants, grew at a slightly faster pace last month. The Institute for Supply Management said that its index of non-manufacturing activity rose to 53.7 last month from 53.5 in April. A reading above 50 indicates expansion.

Most analysts expect demand for oil and other energy products to remain weak until there is a clear idea of how European leaders plan to control the financial crisis. U.S. oil supplies are at the highest level since 1990 while natural gas inventories are nearly 35 percent above the five-year average.

Michael Lynch, president of Strategic Energy & Economic Research, believes demand would be stronger if the U.S. economy were growing at a faster pace. Until then, he said it's difficult to expect more than a mild pickup in demand.

In other energy futures trading, heating oil was unchanged at $2.63 per gallon, gasoline was unchanged at $2.67 per gallon and natural gas rose 2 cents to $2.44 per 1,000 cubic feet.

At the pump, gasoline prices continue to fall. The national average for a gallon of regular fell 1.5 cents Tuesday to $3.57, according to AAA, Wright Express and the Oil Price Information Service. That's about 21 cents less than a month ago.