Bloomberg News

Oil Declines in New York on Signs OPEC to Maintain Production

December 14, 2011

Dec. 14 (Bloomberg) -- Oil fell from the highest in almost a week in New York amid signs the Organization of Petroleum Exporting Countries will agree to maintain production of crude when it meets in Vienna today.

Futures for January delivery slid as much as 41 cents, or 0.4 percent, to $99.73 a barrel in electronic trading on the New York Mercantile Exchange and were at $99.76 at 12:45 p.m. Sydney time. The contract yesterday surged 2.4 percent to $100.14, the highest close since Dec. 7.

OPEC members agreed that the group should set a output ceiling for the first half of next year of 30 million barrels a day, said a delegate who declined to be identified.

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus