Oil prices mixed in Friday trade

Prices for crude oil were mixed in Friday trade as a European energy broker attributed a portion of recent price gains to production cuts put into effect by the Organization of Petroleum Exporting Countries. PVM Oil Associates, based in Vienna said that around 66 percent of the 1.7 million barrels per day in total promised cutbacks have actually been implemented.

Meanwhile, other analysts blamed much of the price increases during the week to continuing worries over the situation with Iran. With Iran refusing to halt its uranium enrichment activities, the United States is working for tougher UN sanctions against the Middle Eastern nation. The US has said that it does not intend a military response to the stand-off, but it has also refused to rule out any possible options for dealing with the issue. Any deterioration in the dispute could affect oil prices.

April contracts for Brent crude were up 4 cents to $62.15 per barrel in London, while late morning trade on the New York Mercantile Exchange saw West Texas Intermediate for April deliver drop by 10 cents to $61.90 per barrel. Nymex gasoline futures were up by about 1 cent to $1.9217 per gallon, while prices for heating oil held steady at $1.7760 per gallon. Natural gas prices were up, but less than 1 cent, to $7.296 per 1,000 cubic feet.