Oil searches for direction as OPEC ministers meet

By: Associated Press Email
By: Associated Press Email

The price of oil is struggling for direction as OPEC ministers debate how much oil to produce while global economic growth is slowing.

Benchmark crude rose 10 cents to $82.72 per barrel Thursday in New York. Brent crude fell 24 cents to $96.48 per barrel in London.

Members of the Organization of the Petroleum Exporting Countries are divided over oil production. Saudi Arabia has increased output in recent months. Rival Iran wants OPEC to cut back. Many analysts expect the group to leave production unchanged during a meeting in Vienna.

Meanwhile, supplies of natural gas rose less than expected last week. Futures surged nearly 8 percent to $2.35 per 1,000 cubic feet.

At the pump, the national average for gas is $3.532 per gallon.

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