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OPEC meeting gives oil a boost

June 14, 2012 at 6:17 PM   |   Comments

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.

© 2012 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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