Crude oil prices held near $86 per barrel in New York Tuesday, the day before the oil ministers from exporting nations meet in Vienna.
Both the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries release monthly reports Tuesday. OPEC oil ministers meeting Wednesday could view the oil market as one in which growth in supply is outpacing growth in demand.
OPEC could adjust production quotas to compensate for the market that is seen as amply supplied.
On the New York Mercantile Exchange, West Texas Intermediate crude oil added 55 cents overnight to $86.11 per barrel. Home heating oil gained 3.53 cents to reach $2.9315 a gallon. Reformulated blendstock gasoline added 1.96 cents to $2.6177 a gallon. Natural gas gained 0.7 cents to $3.467 per million British thermal units.
At the pump, AAA reported a national average price for regular unleaded gasoline at $3.328 per gallon, down from Monday's $3.34.