NEW YORK, Dec. 13 (UPI) -- Crude oil prices rose over the weekend in New York after the Organization of Petroleum Exporting Countries agreed not to change current oil production quotas.
After a meeting of oil ministers in Ecuador Saturday, OPEC said the economic forecast called for lower oil demand in 2011 compared to 2010.
The risks to demand included "possible currency conflicts and fears of a second banking crisis in Europe," OPEC said in a news release.
The global outlook also included "lagging private consumption as well as persistently high unemployment." However, with "ample spare capacity throughout the oil supply chain ... (OPEC) agreed to maintain current oil production levels."
It was expected OPEC would maintain current levels. On the New York Mercantile Exchange, the price of January delivery light, sweet crude oil added $1.53 to $89.32 per barrel. Heating oil prices rose 3.38 cents to $2.4909 per gallon. Reformulated blendstock gasoline prices added 3.25 cents to $2.3418 per gallon. Natural gas prices gained 2.6 cents to $4.443 per million British thermal units.
At the pump, the national average price of unleaded gasoline rose Monday to $2.978 per gallon from Sunday's $2.974, AAA said.
