U.S. oil prices close above $77 a barrel

New York -- U.S. oil prices closed up 1 percent at more than $77 a barrel Monday ahead of an OPEC meeting at which ministers were expected to keep output steady.

Natural-gas futures jumped more than 7 percent.

Light, sweet crude for October delivery rose 79 cents, or 1.03 percent, to close at $77.49 a barrel on the New York Mercantile Exchange. It had climbed as high as $77.60.
The 12-nation Organization of the Petroleum Exporting Countries, responsible for about one-third of the world's crude supply, meets Tuesday in Austria.

Most analysts say the cartel is almost certain to maintain its current production target, despite speculation Saudi Arabia, OPEC's biggest member, might push for a small output increase.

October natural gas jumped 39 cents, or 7.09 percent, at $5.891 per 1,000 cubic feet.

Heating oil advanced 2.84 cents, or 1.33 percent, at $2.1716 a gallon.
Reformulated-gasoline blendstock for oxygen blending lost 0.78 cent, or 0.39 percent, at $1.9786 a gallon.

AAA said the average U.S. retail regular unleaded gasoline price was $2.819 a gallon, down 0.8 cents from Sunday's $2.827 a gallon.

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Copyright 2007 by United Press International.