Oil Rises After OPEC Head Nixes More Oil
Posted on: Wednesday, 14 November 2007, 09:01 CST
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.
Source: United Press International
Related Articles
- Event -- October 8th: Florida's 1st FFV Rally and Launch of the Flexible Fuel Vehicle (FFV) Awareness Campaign - E85 for 85 Cents Per Gallon
- Shell $aver Card(SM) Promotion Helps College Students Budget, Offers Discount of 5 Cents per Gallon
- Savings Make 'Cents' This Summer With New Shell Card Promotion That Earns 30 Cents per Gallon
- Shell Offers New Cardholders a Savings of 38 Cents Per Gallon
- Refineries Winners in Profit Margin: Most Gas Stations Earn an Average of 14 Cents Per Gallon
- Gas Prices Jump Nearly 15 Cents Per Gallon
- Metro-East Gas Prices on the Rise Again: Costs Jump About 15 Cents Per Gallon
- Apache Restores 76 Percent of Gas Production, 60 Percent of Oil Output Shut In By Hurricane Katrina
- Exxon's Profit Jumps 32 Percent ; Higher Oil, Gas Prices Propel Income Even As Production Declines
- Iran's Gas Distribution Capacity to Increase 400 Per Cent: Oil Minister
 |
 |
User Comments (0)
RSS Feeds