Supply hopes dampen oil price |
| CNN International - Nov 13, 2007 |
Oil prices dropped more than $1 per barrel Tuesday after a key OPEC member left open the possibility the oil cartel will increase output to curb rising prices and an energy agency lowered its forecast for oil demand.
Light, sweet crude for December delivery fell $1.15 to $93.47 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.
In London, December Brent crude fell 82 cents to $91.16 a barrel on the ICE Futures exchange.
Saudi Arabia's Oil Minister Ali al-Naimi on Tuesday said the Organization of Petroleum Exporting Countries will not discuss output levels at the group's upcoming summit in Riyadh, Saudi Arabia, but left open the possibility that production could be discussed at a meeting next month, according to Dow Jones Newswires.
Read Full Article from CNN International
- Posted: 2007-11-13 10:12:24
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