Oil prices rose Tuesday as OPEC’s president announced that the group would not raise its formal output ceiling, but said it would have to pump an additional 1 million barrels a day to meet strong demand.
Light, sweet crude for May delivery was up 30 cents at $54.35 a barrel in afternoon trading on the New York Mercantile Exchange. Gasoline futures were steady at $1.574 per gallon on Nymex, where heating oil futures were up less than a penny at $1.554 a gallon.
