Oil at $77 on OPEC's 50th birthday

On the 50th anniversary of the Organization of Petroleum Exporting Countries, prices are right where OPEC has stated publicly is a reasonable price for now -- between $70 and $80 per barrel.

Ahead of planned celebrations, OPEC President Abdulla Al Badri said Monday the 12-member oil-producing cartel was seeking stability in pricing.

On the New York Mercantile Exchange Tuesday, light, sweet crude for October delivery dropped 3 cents from a recent settlement to $77.16 per barrel. Heating oil prices added 0.0011 cents to $2.1238 per gallon. Reformulated blendstock gasoline shed 0.056 cents to $1.975 per gallon. Natural gas prices added 0.063 cents to $4.001 per million British thermal units.

At the pump, the national average price for unleaded gasoline was $2.717 per gallon Tuesday, up from Monday's $2.709, AAA said.

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