Oil rises after OPEC head nixes more oil

NEW YORK, Nov. 14 (UPI) -- U.S. oil prices rebounded nearly $3 Wednesday to more than $94 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 Petroleum Exporting Countries heads of state meeting in Saudi Arabia this weekend.

U.S. Energy Secretary Samuel Bodman had asked the OPEC heads to agree at the Riyadh meeting to increase oil production to lower fuel prices.

Badri said OPEC would discuss possible production increases at a formal policy meeting Dec. 5 in the United Arab Emirates.

On the New York Mercantile Exchange, light, sweet crude for December delivery closed up $2.92 or 3.2 percent at $94.09 a barrel. The contract had touched an intraday high of $94.30.

December natural gas lost 11 cents or 1.43 percent at $7.84 per 1,000 cubic feet.

Heating oil gained 7.13 cents or 2.85 percent at $2.5734 a gallon.

Reformulated-gasoline blendstock for oxygen blending added 5.37 cents or 2.32 percent to $2.3704 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.