Oil Falls on Iran, OPEC Anticipation |
| Wall Street Journal - Dec 4, 2007 |
Crude-oil futures were down more than $1 a barrel Tuesday as traders focused on an upcoming supply decision from the Organization of Petroleum Exporting Countries and digested the implications of a U.S. intelligence report showing Iran has halted its nuclear weapons program.
Light, sweet crude for January delivery on the New York Mercantile Exchange was recently down $1.06 at $88.25 a barrel. Brent crude on the ICE futures exchange fell 30 cents to $89.50 a barrel.
The front-month Nymex contract has traded between $87 and $90 a barrel this week amid uncertainty over whether high oil prices over the last few months will spur OPEC to deliver more oil to the market, or softer prices over the last week will translate into a steady production quota. The cartel meets Wednesday in Abu Dhabi.
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- Posted: 2007-12-04 10:52:07
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