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Oil below $90 as supply fear dips | Oil below $90 as supply fear dips |
(about 11 hours later) | |
Oil prices have fallen below $90 for the first time this month with Opec expected to increase output next week. | Oil prices have fallen below $90 for the first time this month with Opec expected to increase output next week. |
Concerns that a pipeline fire in the US would disrupt supplies have also faded. | Concerns that a pipeline fire in the US would disrupt supplies have also faded. |
A barrel of light crude fell $2.3 to end at $88.71 in New York, far below its $99 high seen on 21 November. Brent crude fell $1.96 to $88.26 in London. | |
Traders are focused on an OPEC meeting next week in Abu Dhabi, where the 12-member cartel is expected to decide whether to increase production. | Traders are focused on an OPEC meeting next week in Abu Dhabi, where the 12-member cartel is expected to decide whether to increase production. |
Several ministers from Opec nations have said in recent days that the group is ready to boost output to bring prices down | Several ministers from Opec nations have said in recent days that the group is ready to boost output to bring prices down |
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