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Oil Rises Amid OPEC Uncertainty

Oil prices fell Tuesday on speculation that OPEC oil ministers would increase production during a meeting later this week, according to the Associated Press. A new U.S. intelligence report concluding that Iran halted its nuclear weapons development program in 2003 also helped push prices lower.

Light, sweet crude for January delivery was down 92 cents to $88.39 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Earlier Tuesday, it rose as high $89.98.

Posted by Peter C. T. Elsworth  at 9:49 AM to Crude oil market | Permalink

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