Crude oil moves cautiously higher

Crude oil prices held to more than $83 per barrel on the New York Mercantile Exchange Wednesday. In advance of the weekly U.S. inventory report, traders kept gains in check. The uncertainty comes mainly from demand. Saudi Arabia, the largest producer among the Organization of Petroleum Exporting Countries, Monday suggested raising OPEC's production quotas. The fragile state of Europe's financial system and governments coming close to default, are prompting a cautious approach. West Texas Intermediate crude oil for July delivery in New York Wednesday added 48 cents to $83.80 per barrel. Natural gas shed 1.9 cents to hit $2.213 per million British thermal units. Home heating oil rose 2.61 cents to $2.6476 per gallon. Gasoline moved 4.04 cents higher to reach $2.6906 a gallon. At the pump, the national average price of unleaded gasoline fell to $3.539 per gallon from Tuesday's $3.542, AAA said.