FXstreet.com (Córdoba) - Crude oil fell on Monday with the possibility of an OPEC production increase weighing on prices. OPEC ministers will meet in Vienna on Tuesday to discuss production quotas.
Oil has fallen below $99 ahead of the key OPEC meeting and amid concerns the US economic recovery is faltering after a weaker-than-expected US payrolls report last Friday.
Crude for July delivery in New York has dropped 1.55% to levels below $99, striking an intraday low at $98.80 before bouncing slightly. Currently, crude is around $99 a barrel.
In London, Brent for July delivery is at $114.30 a barrel, 1.50% below its opening price.
