Tuesday, March 8, 2011

U.S. Crude Down on OPEC Talks of Output Boost

U.S. crude oil prices fell Tuesday following a statement by Kuwait's oil minister that OPEC may consider increasing production output to supplement Libya's disrupted supply.Though crude prices are down from their highest level since September 2008, they have risen above today's early low of under $104 a barrel, according to Reuters.
Investors, however, remain worried about oil supply, awaiting the release of oil inventory data and as the OPEC has yet to come to a definite conclusion. The American Petroleum Institute (API) will issue its weekly inventory report at 4:30PM EST on Tuessday.