June 12, 2012
Oil rises
The price of oil is rising ahead of a key OPEC meeting in Vienna.
Benchmark oil increased 64 cents to US$83.34 ($7,300) per barrel in New York yesterday. Brent crude fell 50 cents to US$97.50 in London.
When the Organization of Petroleum Exporting Countries meets Thursday, members such as Iran and Venezuela will likely push for a cut in production at a time when demand has weakened and supplies are ample.
Oil also may be influenced by a Greek election this weekend that could result in its departure from the euro currency union. And talks are set to resume soon between Western countries and Iran over its nuclear program.
At the pump, the national average for gasoline rose less than a penny overnight to US$3.542 per gallon.
