Monday - November 12, 2007

Oil Falls $2 Today

Oil fell by $2 today:

Oil fell nearly $2 to its lowest level in a week Monday after Saudi Arabia's oil minister said OPEC would consider increasing output to ease crude prices.

Light, sweet crude for December delivery fell $1.70, or 1.76 percent, to close at $94.62 a barrel on the New York Mercantile Exchange, the lowest close since Nov. 6.

The contract dropped to as low as $93.54 a barrel earlier.

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 more....

Author: The Machiavellian
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