Oil falls below $95 on oil minister remark

Oil fell to less than $95 a barrel Monday after Saudi Arabia's oil minister said OPEC would consider increasing output to ease surging crude prices.

Light, sweet crude for December delivery fell $1.41, or 1.46 percent, to $94.91 a barrel in mid-morning trading on the New York Mercantile Exchange.

Ali al-Naimi said the 12-member Organization of the Petroleum Exporting Countries would discuss the issue when it meets in the Saudi capital Riyadh to discuss a production increase this weekend.

Saudi Arabia may push for a 1.8 percent output increase, or an additional 500,000 barrels, The Wall Street Journal reported.

Read Full Article from United Press International

- Posted: 2007-11-12 09:41:30

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