Crude prices rise on dollar, data in weak trade

The price of crude oil was higher Tuesday, regaining early declines after the US dollar dropped gains versus the euro.

February contracts for West Texas Intermediate crude added 68 cents to $74.40 per barrel on the New York Mercantile Exchange, while February Brent crude was up 38 cents to $73.37 per barrel on the ICE Futures Europe exchange in London.

Prices were also helped by new data from the National Association of Realtors showing that existing home sales in the United States were up 7.4 percent in November, from October’s levels.

Additionally, the Organization of Petroleum Exporting Countries left production quotas unchanged even though compliance by member nations is currently only about 60 percent, down from 80 percent compliance earlier in the year.

OPEC’s secretary general said, however, that he wants compliance back up to between 75 percent and 80 percent.

Nymex January gasoline futures were up 2 cents to $1.89 per gallon, while the price of a gallon of gasoline at the pump in the United States fell half a cent overnight to $2.585 per gallon on average.

At the same time, Nymex January heating oil futures were up a cent to $1.97 per gallon.

Trade volumes for crude oil were at their lowest since late June and are expected to remain low until after the holidays.