Money Matters - Simplified

Crude oil prices up slightly

New York -- Crude oil prices started the week slightly higher Monday, defining a new plateau near $82 per barrel on the New York Mercantile Exchange.

November delivery light, sweet crude added 21 cents during the weekend to $81.46 per barrel.

Last week, oil ministers from the OPEC cartel met in Vienna, electing to keep production steady, citing the uncertainty of the global economic recovery. In its latest prediction, OPEC said demand would rise by 100,000 barrels per day in 2010 to 1.1 million barrels a day, enough to jar prices from a previous plateau of about $76 per barrel.

On Monday, heating oil prices added 1.5 cents to $2.2458 per gallon. Reformulated blendstock gasoline prices rose 1.92 cents to $2.123 per gallon.
Natural gas shifted lower over the weekend, losing 3.5 cents to $3.50 per million British thermal units.

At the pump, the national average price of unleaded gasoline fell slightly, losing 0.002 cents to $2.832 per gallon from Sunday's $2.834, AAA said.

Copyright 2010 United Press International

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