Oil Prices Decline as OPEC Signals Production Increases

Oil prices continue to decline as the Organization of the Petroleum Exporting Countries (OPEC) signaled it is considering raising crude oil quota levels. Saudi Arabia has called for an increase and is working to get other OPEC members onside.

By early afternoon in Europe, the benchmark oil contract for July delivery was down 90 cents to $98.19 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 8 cents to settle at $99.09 on Tuesday.

Source: The Canadian Press

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