Oil Prices Edge Higher in New York

Oil prices edged higher in New York Friday amid cold U.S. weather, with traders keeping an eye on OPEC members for signs they were cutting output as promised.

Light, sweet crude for March delivery climbed 33 cents to $57.63 a barrel in mid-morning trading on the New York Mercantile Exchange.

Natural gas for March delivery rose 0.5 cents to $7.535 per 1,000 cubic feet.

OPEC was due Thursday to cut 500,000 barrels a day of crude-oil production to 1.2 million barrels a day. Saudi Arabia told customers its cuts alone would be 158,000 barrel a day.

February heating oil added 0.56 cents to $1.6645 a gallon. Reformulated gasoline futures were at $1.5276 a gallon, up 0.23 cents.

AAA said Friday the average U.S. retail regular-unleaded gasoline price was $2.1644 a gallon, up 0.6 cent from Thursday.