Oil prices declined Monday on a widening belief that OPEC ministers will agree to raise crude production during a meeting next week. The falling dollar helped limit crude’s decline.
Meanwhile, gas prices at the pump fell further from their recent highs now that Thanksgiving travel demand has faded. The average national price of a gallon of gas decreased 0.1 cent overnight to $3.085 a gallon, according to the Oil Price Information Service, and is off 2.7 cents in less than two weeks.
Analysts say gas prices are likely to hold steady or even fall unless oil prices rise to $100 a barrel or higher. But crude’s ascendancy has been stymied in recent weeks in part by conflicting signals from Organization of Petroleum Exporting Countries officials about the cartel’s willingness to add supplies to the global oil market.
Over the weekend, one of the perceived obstacles to increased OPEC supplies appeared to have been removed when Iranian Oil Minister Gholam Hossein said his country is willing to lift production if needed. |