Oil Slips on OPEC Production Speculation
Posted on: Tuesday, 4 December 2007, 09:00 CST
Oil prices slipped Tuesday as the latest of conflicting statements from OPEC delegates suggested oil ministers might boost production.
Crude oil fell 55 cents, or 0.62 percent, to $88.76 a barrel in mid-morning trading on the New York Mercantile Exchange after Saudi Arabian Oil Minister Ali al-Naimi said the Organization of Petroleum Exporting Countries would consider all options when delegates meet in Abu Dhabi, United Arab Emirates, Wednesday.
Prices rose earlier after Qatar and Venezuela ministers said they believed oil supplies were adequate to meet world requirements.
Indonesia, Kuwait and Nigeria said they were open to the possibility of boosting production.
Natural gas added 3 cents, or 0.36 percent, to $7.24 per 1,000 cubic feet.
Heating oil shed 0.45 cent, or 0.18 percent, to $2.5066 a gallon.
Reformulated-gasoline blendstock for oxygen blending fell 0.71 cent, or 0.32 percent, to $2.243 a gallon.
AAA said the average U.S. retail regular unleaded gasoline price was $3.052 a gallon, down 0.9 cent from Monday's $3.061 a gallon.
Source: United Press International
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