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Oil prices dropped below USD 99 in Asia

June 09/2011

(Plastemart) -- Oil prices have dropped below USD 99 in Asia, amid signs of OPEC raising its crude production quotas at a meeting in Vienna. Oil for July delivery fell to USD 98.6 on the Nymex, while in London, Brent crude for July delivery dipped to USD 116.1 on the ICE Futures exchange.

OPEC leaders have been split this week over whether they should raise production. Saudi Arabia, the groups biggest supplier, has supported a price between USD 70-80 while Iran, the second-largest producer in OPEC, is against any output hike.

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