Oil Declines; SocGen Sees 65% Chance OPEC to Raise Output Quotas
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Oil dropped for a third day in New York amid speculation OPEC may increase output quotas when it meets in Vienna tomorrow.
Futures slipped as much as 0.7 percent today after falling to the lowest in two weeks yesterday. There is a 65 percent chance the Organization of Petroleum Exporting Countries will raise production limits to lessen the risk high prices will curb demand, Societe Generale SA analysts said in a report today. The global crude market would “welcome” increased oil production from OPEC, Vitol Group Chief Executive Officer Ian Taylor said.