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Crude oil prices rise slightly

Jan. 29, 2009 at 5:01 PM   |   Comments

NEW YORK, Jan. 29 (UPI) -- Crude oil prices rose slightly on the New York Mercantile Exchange as an OPEC official said more production cuts were possible.

Abdalla Salem El-Badri, secretary general of the Organization of Petroleum Exporting Countries, told world leaders at the World Economic Forum in Davos, Switzerland, that oil priced at $50 a barrel would not fund new oil field development.

OPEC members "are not happy with $40, even $50 a barrel," he said.

Crude oil prices rose 32 cents Thursday to $41.54 per barrel. Heating oil prices rose 0.0084 cents to $1.43 per gallon. Reformulated blendstock gasoline rose 0.018 cents to $1.2335 per gallon. Natural gas prices rose 0.154 cents to $4.585 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $1.843 Thursday, up slightly from Wednesday's $1.842 a gallon, AAA said.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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