Oil dips below US$99 amid signs of rise in OPEC production quotas at Vienna

Oil prices have dropped below US$99 in Asia, amid signs of OPEC raising its crude production quotas at a meeting in Vienna. Oil for July delivery fell to US$98.6 on the Nymex, while in London, Brent crude for July delivery dipped to US$116.1 on the ICE Futures exchange. Investors watch the outcome of an OPEC meet in Vienna. OPEC leaders have been split this week over whether they should raise production. Saudi Arabia, the group’s biggest supplier, has supported a price between US$70-80 while Iran, the second-largest producer in OPEC, is against any output hike.
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