Crude Oil Plunge Continues

"OPEC is virtually powerless right now," said Jim Ritterbusch, president of Ritterbusch and Association. "They'll simply have to be patient and wait for some semblance of demand improvement."

Beutel said it could be several more months before there is a response to lower prices.

Retail gas prices, which hit a low of $1.656 a gallon on Friday, rose 0.3 cents to $1.67 a gallon Thursday, according to auto club AAA, the Oil Price Information Service and Wright Express. It is the third consecutive day of price increases, but is still down from $2.068 a month ago and $2.99 a year ago.

China on Thursday cut prices for gasoline, diesel and jet fuel as the government tries to revive economic growth.

The price of diesel is being cut 18% while the price of gasoline will fall by 13.8%, effective Friday, according to the country's planning agency, the Cabinet's National Development and Reform Commission. Jet fuel prices will fall by 32%.

The cuts will help trucking companies, airlines, factories and others that are being squeezed by high fuel prices and a slump in sales.

In other Nymex trading, gasoline futures rose 2.8 cents to $1.0338 a gallon. Heating oil rose less than a penny to $1.45 a gallon while natural gas for January delivery fell less than a penny to $5.604 per 1,000 cubic feet.

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Associated Press writers Joe McDonald in Bejing, Christopher S. Rubager in Washington, Pablo Gorondi in Budapest, Hungary, and Alex Kennedy in Singapore contributed to this report. Mark Williams reported from Columbus, Ohio.