Oil Rises After OPEC Head Nixes More Oil

U.S. oil prices rose nearly 1 percent Wednesday to top $92 a barrel after OPEC’s secretary-general said the cartel saw no need to increase oil production.

At this time, frankly, we don’t see that we should add more oil but this is up to the ministers to decide, Abdullah al-Badri said in advance of an Organization of the Petroleum Exporting Countries meeting this weekend in Saudi Arabia.

Light, sweet crude for December delivery was up 87 cents, or 0.95 percent, to $92.04 a barrel in mid-morning trading on the New York Mercantile Exchange.

December natural gas Tuesday lost 4 cents, or 0.52 percent, to $7.91 per 1,000 cubic feet.

Heating oil gained 2.89 cents, or 1.16 percent, at $2.531 a gallon.

Reformulated-gasoline blendstock for oxygen blending added 2.16 cents, or 0.93 percent, to $2.3383 a gallon.

AAA said the average U.S. retail regular unleaded gasoline price was $3.111 a gallon, up 0.6 cents from Tuesday’s $3.105 a gallon.