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Oil Prices Edge Higher

April 30, 1998

NEW YORK (AP) _ Oil prices edged higher on the New York Mercantile Exchange Thursday on rumors that OPEC nations were keeping to their promise to cut oil production in April.

Light sweet crude oil for delivery in June rose 7 cents to close at $15.39 per barrel.

OPEC nations have been saying they would trim oil production in a bid to boost sagging oil prices, but markets have been skeptical of the pledges.

Home heating oil for May delivery fell .33 cent to close at 42.75 cents a gallon, while unleaded gasoline fell .96 cent to 49.95 cents per gallon.

Natural gas prices fell, with contracts for delivery in June settling at $2.221 per 1,000 cubic feet, down 7.7 cents.

In London, North Sea Brent Blend crude oil rose 21 cents to $14.46 per barrel.

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