Oil slips below $98 ahead of OPEC meeting
Oil is below $98 per barrel as investors anticipate increased crude production from OPEC countries.
Benchmark crude for July delivery gave up $1.12 at $97.89 per barrel in morning trading on the New York Mercantile Exchange.
The Organization of Petroleum Exporting Countries is expected to discuss a change in their production quotas at the cartel's meeting Wednesday in Vienna. Analysts say ministers could increase those quotas in an attempt to push fuel prices lower and take some pressure off the world economy.
The move would be largely symbolic since most OPEC countries already produce more than their daily quota. Raising the quota could allow some countries to boost production even more.
Also on the radar is the US Energy Department's release of its monthly short-term energy outlook and weekly petroleum inventories report. The recent trend has been for rising supplies and falling demand.
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