Oil drops below $99 a barrel ahead of OPEC meeting |
The Associated Press - Jun 6, 2011 |
Oil falls below $99 a barrel as investors and economists await a key OPEC meeting and the U.S. government's latest outlook on supply and demand.
Benchmark West Texas Intermediate lost $1.26 at $98.96 per barrel Monday morning on the New York Mercantile Exchange. A stronger dollar pushed oil lower, though crude is still around the level it's held for a month.
Analysts will watch Wednesday's OPEC meeting in Vienna, where ministers are expected to decide whether to push oil prices lower by increasing production. The U.S. also will release its monthly short-term energy outlook on Tuesday and weekly petroleum inventories on Wednesday. The recent trend has been for rising supplies and falling demand.
Gasoline pump prices fell less than a penny to a national average of $3.771 per gallon.
Read Full Article from The Associated Press
- Posted: 2011-06-06 09:47:16
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