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U.S. markets recover from steep losses
NEW YORK, Oct. 20 (UPI) -- Crude oil prices rose on the New York Mercantile Exchange Monday amid reports the Organization of Petroleum Exporting Countries plans to cut production.
On Sunday, OPEC President Chakib Khelil said members would agree to a "substantial" reduction in export quotas at a Friday meeting in Vienna, The Wall Street Journal reported.
OPEC members say they believe the world is oversupplied by about 2 million barrels a day, the Journal reported.
Crude oil prices gained $3.22 to $75.08 per barrel Monday. Heating oil prices gained 0.104 cents to $2.239 per gallon. Reformulated blendstock gasoline rose 0.065 cents to $1.735 per gallon. Natural gas prices fell slightly, down 0.062 cents to $6.772 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline fell 0.031 cents Monday to $2.923 per gallon, AAA said.
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