Oil Falls To $98 as OPEC Weighs Output Hike

"Oil prices fell to near $98 a barrel Wednesday amid signs OPEC may raise its crude production quotas at a meeting in Vienna.

By early afternoon in Europe, the benchmark oil contract for July delivery was down 90 cents to $98.19 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 8 cents to settle at $99.09 on Tuesday."

The Associated Press had the story June 8, 2011.


"Saudis Face Opposition to OPEC Quota Increase" (Bloomberg)

"OPEC Split Over Increasing Oil Production" (AP)

"As Oil Demand Rises and Unrest Continues, OPEC’s Power Over Prices Has Limits" (New York Times)

Source: AP, 06/08/2011