Crude oil prices rise Tuesday

NEW YORK, Jan. 13 (UPI) -- Crude oil prices rose Tuesday on the New York Mercantile Exchange after several OPEC members said another production cut might be in the offing.

Members of the Organization of Petroleum Exporting Countries agreed to a cut of 2.2 million barrels per day in December and have recently hinted another reduction may be required to keep prices from eroding further, The Wall Street Journal reported.

Crude oil prices gained 92 cents to $38.51 per barrel. Heating oil prices rose 0.0476 cents to $1.52 per gallon. Reformulated blendstock gasoline rose 0.0613 cents to $1.1454 per gallon. Natural gas prices fell 0.342 cents to $5.20 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was unchanged Tuesday at $1.79 gallon, AAA said.