World Oil Prices Fall on Likely OPEC Production Increase

June 7, 2011
The price of oil on world commodity exchanges was falling Tuesday morning on speculation that OPEC would increase its production quotas at the OPEC summit scheduled to open on June 8.

The price of a June futures contract for WTI light sweet crude in electronic trading on Nymex was down 56 cents to $98.45 a barrel by 7:00 Moscow time. The price of a June futures contract for North Sea Brent blend had dropped 38 cents to $114.10 in London.

Oil prices receded the day before with June WTI contracts off $1.36 to $99.01 a barrel and June Brent contracts down $1.36 to $114.48 per barrel.

Copyright 2011, Golos Rossii. All rights reserved.