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Tuesday, Jan 31, 2023
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Oil Prices Near $57 a Barrel

Traders shrugged off a rise in OPEC’s official production ceiling Friday and took bullish positions ahead of Monday’s U.S. holiday, pushing the price of crude oil close to $57 a barrel.


The August contract for light, sweet crude on the New York Mercantile Exchange gained 28 cents by afternoon in Europe to trade at $56.67 a barrel. Heating oil and unleaded gas moved up by more than a cent to trade at $1.6467 and $1.5824 a gallon, respectively. Brent crude gained 16 cents at $55.74 a barrel on London’s International Petroleum Exchange.


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