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Oil retreats as OPEC supply rise in prospect

LONDON - The weak dollar helped oil rise above $99 a barrel on Monday, close to the $100 milestone, but it retreated from session highs partly on expectations that an OPEC meeting next week could decide to increase supply, according to Reuters.

Iran's Oil Minister Gholamhossein Nozari said at the weekend that some OPEC members were advocating an increase in production when they meet in Abu Dhabi on December 5 to debate whether to raise output for a second time this year.

U.S. light, sweet crude for January delivery was down 66 cents at $97.52 by 9:06 a.m. EST, still within striking distance of the all-time high of $99.29 from last Wednesday.

Posted by Peter C. T. Elsworth  at 10:11 AM to Crude oil market | Permalink

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