Oil falls amid hoped OPEC output increases

New York -- U.S. oil prices fell below $97 Monday amid hopes OPEC would boost oil output as the U.S. dollar weakened and the U.S. Northeast anticipated colder weather.

Light, sweet crude for January delivery fell $1.48, or 1.51 percent, to $96.70 a barrel in late morning trading on the New York Mercantile Exchange.

Oil traders said record-high crude prices would pressure Organization of Petroleum Exporting Countries representatives to raise output when they meet in Abu Dhabi Dec. 5.

The dollar traded at $1.4843 against the euro Monday after reaching a record low of $1.4967 last week.

The National Weather Service forecast colder-than-normal weather next week in the U.S. Northeast, the primary market for U.S. heating oil.

Natural gas gained 19 cents, or 2.43 percent, to $7.89 per 1,000 cubic feet.
Heating oil added 2.73 cents, or 1.01 percent, to $2.6769 a gallon.

Reformulated-gasoline blendstock for oxygen blending rose 4.51 cents, or 1.83 percent, at $2.4219 a gallon.

AAA said the average U.S. retail regular unleaded gasoline price was $3.085 a gallon, down 0.1 cent from Sunday's $3.086 a gallon.

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Copyright 2007 by United Press International.