Crude Above $69, Awaits OPEC: Oil Alert

NEW YORK (TheStreet) -- Crude rose above $69 on Tuesday and was nearing $70 as most oil watchers will be eyeing news from a collection of the world's oil ministers this week.

The front-month contract for light, sweet crude was gaining $1.73 at $69.75 during electronic trading on the New York Mercantile Exchange. On Friday, the day before the Labor Day holiday weekend, the contract for October delivery rose by 6 cents to settle at $68.02.

The Organization of the Petroleum Exporting Countries is meeting Wednesday to go over its global oil policy. Reports are circulating Monday that Ali al-Naimi, Saudi Arabia's oil minister, said that the oil market is in good condition and well supplied, lending credence that a production cut from the group will not be coming this week.

With regard to oil stocks, all of the oil majors finished in positive territory on Friday. Shares of Exxon Mobil(XOM Quote), ConocoPhillips(COP Quote) and Chevron(CVX Quote) added 1.4%, 1.7% and 0.9%, respectively.

Marathon Oil(MRO Quote) tracked up 1.1% by the close, while Hess(HES Quote) did better by gaining 3.2%.

Among the servicers, Schlumberger(SLB Quote) taked on $1.45 to $55.87 on Friday. Before the open this morning, shares were trading 2% higher.

BJ Services(BJS Quote) slipped slightly by 4 cents to $16.49.

-- Written by Sung Moss in New York

Follow TheStreet.com on Twitter and become a fan on Facebook.