Oil drops below 100 dollars on high output expectation

10:31, June 07, 2011      

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U.S. oil price dropped below 100 dollars a barrel on Monday as investors expected OPEC would decide to raise output at its meeting later this week.

Light, sweet crude for July delivery fell 1.21 dollars, or 1.21 percent, to settle at 99.01 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for July delivery also dipped and last traded around 114 dollars a barrel.

Source: Xinhua
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