Crude ends slightly higher after volatile session

Crude oil prices fluctuated all day Monday, spending time both higher and lower than Friday’s close as the session progressed as sentiment varied concerning whether or not the Organization of Petroleum Exporting Countries will decide to increase output when it meets in Abu Dhabi on Wednesday.

In addition, some analysts pointed out that OPEC could well say they would increase production but then fail to come through with those higher levels of production if prices decline in the next few months.

By the close of floor trade on the New York Mercantile Exchange, January contracts for West Texas Intermediate crude were 64 cents higher but remained below the $90 per barrel level to trade at $89.35 per barrel, after trading as low as $87.14 earlier in the session.

Brent crude for January delivery, meanwhile, added 45 cents to $88.71 per barrel on the ICE Futures Europe exchange in London.

At last report, Nymex January unleaded gasoline was 2 cents lower to $2.21 per gallon while January heating oil was trading even at $2.51 per gallon and January natural gas was 10 cents lower to $7.20 per million British thermal units.