Crude oil holds just under $93 in New York

The price of a barrel of crude oil held at just under $93 a barrel in New York early Monday, with traders waiting for an oil cartel announcement due Wednesday. An Organization of Petroleum Exporting Countries meeting in Vienna could be marked by a production cut in anticipation of Iran re-entering the oil market when trade sanctions are lifted. The possibility of that OPEC move could set the tone for first half of the week in the oil market. Early price pressure came from China, where the purchasing managers index for November came in at 51.4, higher than expected. Light, sweet January crude oil on the New York Mercantile Exchange added 3 cents to $92.75 per barrel. Reformulated gasoline blendstock for January shed 0.09 cents, or 0.03 percent, at $2.6619 a gallon. January heating oil lost 0.32 cents, or 0.11 percent, at $3.0276 a gallon, while natural gas gave up 2 cents to $3.94 per million British thermal units. The national average price of unleaded regular gasoline slipped a hair to $3.268 a gallon from Sunday's $3.272 a gallon, the AAA Daily Fuel Gauge Report said.