Oil prices dip by over a dollar as OPEC is reported to mull output hike

Oil prices dipped by over one dollar in Asia, on reports that OPEC plans to discuss an increase in output at an upcoming meeting on Dec. 5 in Abu Dhabi, in a bid to cool record crude prices. Market players believe that the effect of any output increase on oil prices is likely to be limited as the recent rise in crude futures has had more to do with speculation than a real demand for Middle Eastern crude. Oil prices have surged to near US$100 per barrel recently amid concerns about supplies, a weak U.S. dollar and OPEC's apparent reluctance to pump more crude into the market. Light, sweet crude for December delivery dipped to settle at US$95.28 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore.
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