Oil remains at US$79

Crude oil prices wavered Tuesday but finished marginally higher in a late trading reversal as European leaders prepared to discuss a slate of proposals to stabilise the region's economy.

Benchmark US crude added 15 cents to end the day at US$79.36 per barrel on the New York Mercantile Exchange.

Brent crude added US$2.01 to end at US$93.02 per barrel in London. Brent jumped after Norway announced that crude production will decline in the North Sea after about 700 oil workers went on strike. Brent crude comes from the North Sea.

Benchmark US crude hit a high of US$110.55 per barrel, while Brent topped out at US$128.40, both on March 1.

In other futures trading Tuesday, heating oil added 3.8 cents to finish at US$2.5765 per gallon. Natural gas added 7.3 cents to finish at US$2.767 per 1,000 cubic feet.

- AP