Oil fell below $99 a barrel as investors and economists await a key OPEC meeting as well as the U.S. government’s latest outlook on supply and demand. Benchmark West Texas Intermediate lost $1.26 at $98.96 per barrel this morning on the New York Mercantile Exchange. A stronger dollar pushed oil lower, though crude is still selling at about the level it has held for a month. Analysts will watch Wednesday’s OPEC meeting in Vienna, where ministers are expected to decide whether to push oil prices lower by increasing production. In addition, the U.S. will release its monthly short-term energy outlook on Tuesday and weekly petroleum inventories on Wednesday. The recent trend has combined rising supplies and falling demand.
Oil drops below $99 a barrel ahead of OPEC meeting
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