Economics
Oil Drops as OPEC Considers Quotas on Slowing Economic Growth
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Oil fell in New York on speculation OPEC will increase production quotas amid evidence gains in prices may be damping economic recovery.
Futures dropped as much as 1.1 percent after United Arab Emirates Oil Minister Mohamed al-Hamli said the Organization of Petroleum Exporting Countries will supply more oil if there is a need as delegates arrived at today’s meeting of ministers in Vienna. Federal Reserve Chairman Ben S. Bernanke said the U.S. recovery was “frustratingly slow” yesterday in Atlanta, with households facing rising energy and food prices, declining house values and high unemployment.