OPEC meeting gives oil a boost

June 14, 2012 at 6:17 PM

NEW YORK, June 14 (UPI) -- Crude oil prices climbed above $84 Thursday on news the OPEC oil cartel would keep production quotas unchanged.

Members of the Organization of Petroleum Exporting Countries met in Vienna Thursday and cited predictions of weak increases in demand and current stock levels for keeping their collective quota at 30 million barrels per day.

In New York, West Texas Intermediate crude oil for July delivery added $1.75 to reach $84.33 per barrel. Natural gas added 1.7 cents to hit $2.512 per million British thermal units.

Home heating oil gained 0.22 cents to $2.63 per gallon.

Gasoline moved higher, adding 0.66 cents to reach $2.683 a gallon.

At the pump, the national average price of unleaded gasoline fell to $3.532 per gallon from Wednesday's $3.539, AAA said.

Related UPI Stories
Latest Headlines
Trending Stories
Ted Cruz campaign pulls ad featuring softcore porn actress
Report: Clinton Foundation subpoenaed by State Dept. watchdog over charity projects
Ruby Rose, Gigi Hadid react to Kanye West's lyric about Taylor Swift
Kristen Wiig impersonates Peyton Manning on 'The Tonight Show'
NYC police officer found guilty of manslaughter in Brooklyn stairway shooting