The price of oil was little changed Thursday as euphoria over a US budget deal cooled and traders focused on bulging crude supplies and lacklustre demand.

Benchmark crude for February delivery ended the day down 20 cents at US$92.92 per barrel on the New York Mercantile Exchange at midday.

On the ICE Futures exchange in London, Brent crude, used to price international varieties of oil, fell 33 cents to end at $112.14 per barrel.

Prices jumped as much as two per cent Wednesday after a deal in Washington averted the "fiscal cliff" of automatic tax increases and spending cuts.

Despite the stopgap budget deal, more hurdles are ahead for the US economy, including a new deadline for more spending cuts in two months.

Investors were also gauging the underlying strength of the global energy market, where demand is weak and supplies are rising.

US crude supplies were nearly 16 per cent above the five-year average in the week ending December 21, the most recent period for which statistics are available, according to the Energy Department. It also said US production was at its highest point in 19 years.

Data for last week will be released Friday. Analysts expect the report will show crude inventories dropped slightly but remain well above average.

In other Nymex trading:

• Wholesale gasoline fell 0.26 cent to finish at US$2.80 a gallon.
• Heating oil lost 2 cents to US$3.03 a gallon.
• Natural gas fell 4 cents to US$3.21 per 1,000 cubic feet.