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Crude oil holds above $86

Sept. 20, 2011 at 6:20 PM   |   Comments

NEW YORK, Sept. 20 (UPI) -- Crude oil prices shifted slightly higher in New York Tuesday, reaching $86 per barrel after a sharp fall Monday.

Abdalla Salem el-Badri, secretary-general of the Organization of Petroleum Exporting Countries, said Tuesday Libya could produce "meaningful quantity before the end of the year," which would allow OPEC members to return production to previous quotas, The Wall Street Journal reported.

On the New York Mercantile Exchange, West Texas Intermediate crude oil added 50 cents to reach $86.42 per barrel. Home heating oil prices added 0.85 cents to $2.9531 per gallon. Reformulated blendstock gasoline prices rose 0.16 cents to $2.703 per gallon.

Henry Hub natural gas prices added 0.5 cents to hit $3.83 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $3.58 per gallon from Monday's $3.588, AAA said.

© 2011 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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