OPEC Ready to Help Restore Oil Prices to Key $18-a-Barrel Level

In the midst of wild price swings in the oil market, OPEC President Sadek Boussena said Thursday that the oil cartel is ready to act to restore prices to their benchmark level of $18 a barrel.

Prices again dropped Thursday, following the wild session Wednesday that saw prices plunge but then recover.

Spot crude oil closed 28 cents lower at $17.78 a barrel on the New York Mercantile Exchange, adding to this week’s setback of $4.

“The market is unhinged from its one-day rally, and there’s some skepticism about OPEC,” said Andrew Lebow, analyst with E.D.& F. Man.

An Energy Department report of a 7.2-million barrel buildup in crude stocks last week also weighed on prices.

The markets are closed today.

May heating oil was the sole gainer, closing up 0.20 cent to 53.83 cents a gallon. May gasoline eased 1.03 cents to 58.55 cents a gallon on selling fed by market views that supplies will be plentiful as refiners process the huge amounts of crude oil that are now swelling U.S. inventories.