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Oil Rises Ahead Of Key OPEC Meeting

Jessica Kourkounis/Getty Images

The price of oil is rising ahead of a key OPEC meeting in Vienna.

Benchmark oil increased 64 cents to $83.34 per barrel Tuesday in New York. Brent crude fell 50 cents to $97.50 in London.

When the Organization of Petroleum Exporting Countries meets Thursday, members such as Iran and Venezuela will likely push for a cut in production at a time when demand has weakened and supplies are ample.

Oil also may be influenced by a Greek election this weekend that could result in its departure from the euro currency union. And talks are set to resume soon between Western countries and Iran over its nuclear program.

At the pump, the national average for gasoline rose less than a penny overnight to $3.542 per gallon.

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