MW: Crude futures trade modestly lower after high above $65
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- December crude fell 14 cents to $63.08 per barrel Tuesday on Globex, after briefly trading as high as $65.20 overnight. Prices pulled back as the U.S. stock market trimmed some of its gains and as traders digested reports that the Organization of the Petroleum Exporting Countries may be considering further production cuts. "The truth is that another emergency meeting or talk of another production cut before the first one has had a chance to take hold is a sign of OPEC desperation," said Phil Flynn, a vice president at Alaron Trading.
