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Oil prices have been falling all week, and they continue to show weakness today on increased speculation that OPEC is going to raise its output quotas at next week's meeting. Prices have fallen five percent since early Monday morning.

The rumors floating around OPEC began over the weekend when Iran's oil minister said his country would be willing to lift its output. Today we get another hint of a possible increase as the president of OPEC, Mohamed Al Hamli, said the oil cartel was ready to pump more oil into the market, but made sure to hedge himself by saying that there were no definite plans to do so just yet.

According to Hamli, "There's nothing on the agenda, (but) we are willing to supply more to the market." This was enough to push prices down under the $94 mark, with prices trading as low as $93.72, before bouncing back a bit. to trade flat on the day.

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Oil prices still weaker on OPEC output rumors originally appeared on BloggingStocks on Wed, 28 Nov 2007 09:30:00 EST. Please see our terms for use of feeds.

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