Oil Prices Drop; OPEC’s Monitoring Committee to Begin Meeting Today
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NEW YORK — Crude oil prices dropped nearly 50 cents a barrel in mostly quiet trading Tuesday on reports of overproduction by OPEC members and doubts that the cartel’s pricing committee will hammer out a solution at the meeting today.
On the New York Mercantile Exchange, the contract for September delivery of West Texas Intermediate, the benchmark grade of U.S. crude oil, fell 47 cents a barrel to close at $15.61 for a 42-gallon barrel. The September contract lost 23 cents Monday.
North Sea Brent oil for September was quoted at $14.95 a barrel on the spot market, down 50 cents from Monday’s close.
The Organization of Petroleum Exporting Countries’ five-member price monitoring committee is due to begin talks today in Lausanne, Switzerland, to determine how to boost prices, which have fallen well below OPEC’s target of $18 a barrel.
The meeting will address the recent weakness in oil prices and overproduction by some OPEC members.
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