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Crude oil drops on OPEC fears
THE price of crude oil dropped back to around $61 (£38) a barrel yesterday, ahead of an OPEC meeting this week.
Oil has rallied over investor sentiment that the worst of the downturn is over. But fears that OPEC members won’t cut their oil output at their meeting on Thursday meant prices dropped. Brent prices fell 72 cents to $60.06 a barrel on the ICE Futures exchange. Crude oil for July delivery fell as much as 42 cents, or 0.7 per cent, to $61.25 a barrel in New York. OPEC is likely to keep output quotas unchanged as recovering oil prices forestall the need for new cuts.