Crude oil climbs Monday, nearly $94 a barrel in NYC

Dec. 2, 2013 at 5:23 PM   |   0 comments

NEW YORK, Dec. 2 (UPI) -- The price of a barrel of crude oil headed toward $94 a barrel in New York Monday, with traders awaiting an oil cartel announcement due Wednesday.

An Organization of Petroleum Exporting Countries meeting in Vienna could be marked by a production cut in anticipation of Iran re-entering the oil market when trade sanctions are lifted. The possibility of that OPEC move could set the tone for the first half of the week in the oil market.

Early price pressure came from China, where the purchasing managers index for November came in at 51.4, higher than expected.

Light, sweet January crude oil on the New York Mercantile Exchange added $1.17, or 1.25 percent, to $93.89 per barrel.

Reformulated gasoline blendstock for January gained 1.6 cents, or 0.6 percent, at $2.6788 a gallon.

January heating oil gained 2.19 cents, or 0.72 percent, at $3.0527 a gallon, while natural gas added 1 cent to $3.97 per million British thermal units.

The national average price of unleaded regular gasoline slipped a hair to $3.268 a gallon from Sunday's $3.272 a gallon, the AAA Daily Fuel Gauge Report said.

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