Gains in crude prices ahead of OPEC meeting

Crude oil prices advanced Thursday on anticipation that the Organization of Petroleum Exporting Countries will cut production quotas when it meets tomorrow in Vienna.

The oil ministers of Iran, Libya and Argentina have all called for big quick cuts in output, by about 2 million barrels per day, but the Saudi Arabian oil minister would not lend his vocal support to any particular level of reductions.

OPEC President Chakib Khelil said that member nations are in agreement that cuts are needed, but that there has been no agreement in how big those cuts should be, and he pointed out that any action taken by the cartel must take global economic conditions into account.

December contracts for West Texas Intermediate crude added $1.09 to $67.84 per barrel on the New York Mercantile Exchange while Brent crude gained $1.40 to $65.92 per barrel on the ICE Futures Europe exchange in London.

Nymex November gasoline futures added 1 cent to $1.58 per gallon, but at-the-pump prices in the US fell again overnight, to $2.822 per gallon on average as demand continues to fall despite falling prices.

One survey that uses credit card purchases to gauge demand showed gasoline demand down 6.4 percent last week compared to the same week last year.