Oil at $77 on OPEC's 50th Birthday
"Prices are right where OPEC stated is a reasonable price for now."
On the 50th anniversary of the Organization of Petroleum Exporting Countries, prices are right where OPEC has stated publicly is a reasonable price for nowóbetween $70 and $80 per barrel.
Ahead of planned celebrations, OPEC President Abdulla Al Badri said Monday the 12-member oil-producing cartel was seeking stability in pricing.
On the New York Mercantile Exchange Tuesday, light, sweet crude for October delivery dropped $0.03 from a recent settlement to $77.16 per barrel. Reformulated blendstock gasoline shed $0.056 to $1.975 per gallon. Natural gas prices added $0.063 to $4.001 per million British thermal units.
At the pump, the national average price for unleaded gasoline was $2.717 per gallon Tuesday, up from Monday's $2.709, AAA said.