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Oil Prices Fall Below $97

Oil prices fell Friday as the market turned its attention to OPEC for signals of a production increase that might ease record prices, according to the Associated Press.

Trading volumes were also thin due to the U.S. Thanksgiving festivities and a public holiday Friday in Japan. Electronic trading was not affected.

Light, sweet crude for January delivery lost 62 cents to $96.67 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract rose as high as $97.64 earlier in the day before retreating.

Posted by Peter C. T. Elsworth  at 9:27 AM to Crude oil market | Permalink

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