Crude oil prices rose to nearly $75 per barrel in New York Thursday after the world's largest oil cartel said it would not need to increase production soon.
The Organization of Petroleum Exporting Countries June report said a predicted rise in demand for 2010 had not changed although a forecast of economic growth had improved.
OPEC said demand for oil would rise less than 1 million barrels per day this year. Global economic growth was revised up from 3.5 percent for the year in last month's report to 3.8 percent.
On the New York Mercantile Exchange, July delivery crude oil futures added 45 cents to a prior settlement to reach $74.83 per barrel. Heating oil prices for July gained 0.0075 cents to $2.0171 per gallon. Reformulated gasoline blendstock prices fell 0.0005 cents to $2.0392 per gallon. Henry Hub natural gas prices rose 0.014 cents to $4.691 per million British
thermal units.
At the pump, the national average price for unleaded regular gasoline fell to $2.706 per gallon Thursday from Wednesday's $2.713, AAA said.