OPEC's Concerns Trigger Drop in Oil Prices
NEW YORK --- After reports began circulating that OPEC was concerned about what impact high oil prices might have on the world economy, crude oil prices fell today.
According to a report from Reuters, the Organization of Petroleum Exporting Countries may pump more oil in an effort to bolster supplies.
In addition, Chevron Corp. reportedly restarted its refinery in El Segundo, Calif. U.S. fuel stockpiles may rise as more refiners increase output.
Crude oil for September delivery dropped as much as 58 cents (0.8 percent) to $75.21 a barrel today in electronic trading on the New York Mercantile Exchange. Brent crude oil for September delivery fell as much as 73 cents (0.9 percent) to $76.91 a barrel on the ICE Futures exchange, Bloomberg reported.