Crude oil rises as U.S. temperatures drop
NEW YORK, Jan. 26 (UPI) -- Crude oil prices rose Friday as U.S. Northeast temperatures dropped ahead of an Organization of Petroleum Exporting Countries meeting to cut oil supplies.
Light, sweet crude for March delivery rose 35 cents to $54.58 a barrel on the New York Mercantile Exchange.
OPEC, which produces about 40 percent of the world's crude, agreed last month to cut output by 500,000 barrels a day starting Thursday. It had promised to cut production by 1.2 million barrels a day last November, but some traders maintain OPEC members are not complying.
Natural gas for February delivery edged up 3.5 cents to $6.94 per 1,000 cubic feet. Heating oil for February delivery rose 1.34 cents to $1.5625 a gallon in New York. Reformulated gasoline blendstock for oxygen blending, or RBOB, fell 1.49 cent to $1.449 a gallon.
AAA said Friday the average U.S. retail regular-unleaded gasoline price was $2.146 a gallon, up 0.001 cent from Thursday. // Copyright 2007 by United Press International
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