Oil hovers above $94 on OPEC mixed signals

New York -- Oil prices were more than $94 a barrel Wednesday with U.S. traders less confident the Organization of Petroleum Exporting Countries would boost oil output.

Light, sweet crude for January delivery was down 1 cent, or 0.01 percent, to $94.41 a barrel in mid-morning trading on the New York Mercantile Exchange.

OPEC President and United Arab Emirates Energy Minister Mohamed al-Hamli said the group was prepared to increase production but he didn't say OPEC would decide to do that when it meets next Wednesday in the United Arab Emirates.

And Qatar's Abdullah bin Hamad al-Attiyah and others oil ministers said they believed OPEC supply was adequate to meet market needs.

Natural gas lost 5 cents, or 0.69 percent, to $7.50 per 1,000 cubic feet.
Heating oil added 0.66 cents, or 0.25 percent, to $2.66 a gallon.

Reformulated-gasoline blendstock for oxygen blending advanced 0.6 cents, or 0.25 percent, at $2.379 a gallon.

AAA said the average U.S. retail regular unleaded gasoline price was $3.096 a gallon, up 0.5 cents from Tuesday's $3.091 a gallon.

Copyright 2007 by United Press International.