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OPEC agrees on $34 oil; pennies more at US pump

OPEC agreed on a new oil price that will result in gasoline and home heating oil costing a couple of pennies more per gallon. The new benchmark is $34 a barrel for Saudi Arabian oil, up from $32 a barrel. A new top price for high-quality grades is $38.

Saudi Arabia insisted on a price freeze through the end of next year as the condition for raising its price.

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The compromise ends two years of internal OPEC bickering over prices. OPEC has met three times in the past six months in trying to reach a pricing concensus.

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