Crude prices fall ahead of OPEC meeting

Crude oil prices were lower on Friday, helped by speculation that when the Organization of Petroleum Exporting Countries meets next week in Vienna, no new production cuts will be announced. West Texas Intermediate crude for April delivery was 85 cents lower to $60.78 per barrel by late morning on the New York Mercantile Exchange, a decline of about 1 percent over the week. April contracts for Brent crude fell 79 cents by late afternoon in London, to $61.54 per barrel.

During the session, prices for gasoline, heating oil and natural gas also declined. Nymex gasoline was down half a cent to $1.9219 per gallon, while Nymex heating oil dropped 2 cents to $1.7415 per gallon. Natural gas fell by more than 4 cents to $7.192 per 1,000 cubic feet.