WTI adds 30 cents in late-day trade

After being down earlier in the day, West Texas Intermediate crude for October delivery was 30 cents higher to $77 per barrel near the close of floor trade on the New York Mercantile Exchange on Monday.

October contracts for Brent crude were 70 cents lower to $74.37 per barrel on the Intercontinental Exchange in London.

The movements in oil prices came amid speculation over whether or not the Organization of Petroleum Exporting Countries would raise production quotas when they meet later this week in Vienna.

Most OPEC officials have repeatedly said that oil supplies are sufficient to cover demand and that they have no intention of raising quotas, and the Saudi Arabian oil minister refused to comment on a report from a Washington-based consulting firm that said that OPEC needs to consider raising production by 500,000 to 1 million barrels per day.

At the latest report, Nymex October gasoline was 2 cents lower to $1.96 per gallon, while October heating oil was trading even at $2.15 per gallon.

October natural gas was up 27 cents to $5.77 per million British thermal units.