Crude prices up on light trade

Crude oil prices were higher on Friday after a Commerce Department report that showed consumer spending was up 1.1 percent in November, raising hopes that oil and gasoline demand will go up despite recent problems in credit markets.

The gain came on light trade ahead of the Christmas holiday.

West Texas Intermediate crude for February delivery added $2.24 to $93.30 per barrel on the New York Mercantile Exchange while February contracts for Brent crude gained $1.72 to $92.60 per barrel.

Nymex January gasoline was 7 cents higher to $2.40 per gallon while February heating oil was up 4 cents to $2.63 per gallon and March natural gas added 3 cents to $7.31 per million British thermal units.

Despite the gain in gasoline futures and an increased demand for gasoline by holiday travelers, at-the-pump gasoline prices in the United States dropped another half cent overnight to $2.98 per gallon on average across the nation and are now 13 cents lower than their peak in the middle of November.