Go Finance Reporting in SINGAPORE - Crude oil prices are under USD99 per barrel in Asian markets today with the hope of meeting of the OPEC countries will increase its production quota in coming weeks.
As quoted by the Associated Press (AP), Tuesday (06/07/2011), benchmark crude oil for July delivery fell 51 cents to as low as USD98, 5 per barrel at noon Singapore time on the basis of trading on the New York Mercantile Exchange (Nymex). Meanwhile, Brent crude also fell 46 cents to as low as USD114, 02 on the ICE Futures exchange in London.
Some analysts try to analyze what steps to be undertaken by the OPEC countries in a meeting in Vienna next Wednesday.
Some OPEC ministers may decide to push for lower prices by increasing production. Because the price of oil is currently overvalued and a threat to global economic recovery.
The black gold commodity traders speculated that OPEC will increase output capacity of approximately 1.5 million barrels per day. If realized, this is the first time OPEC to increase production quotas since September 2007.
Production cartel OPEC countries now approaching 1.5 million barrels above the daily production ceiling. "The picture that oil prices will again decline is due to sluggish demand and risk in the Middle East has faded," he explained.
In other Nymex trading in the contract of July, heating oil fell 1.2 cents to $ 3 per gallon and gasoline lost 1.4 cents to $ 2, 94 per gallon. Natural gas is from 1.4 cents at $ 4, 81 per 1,000 cubic feet. (GoFinance)
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