Oil falls below $99 ahead of OPEC meeting (AP)

[AP] - Oil prices fell to near $98 a barrel Wednesday in Asia amid signs OPEC may raise its crude production quotas at a meeting in Vienna.

Oil prices fell to near $98 a barrel Wednesday amid signs OPEC may raise its crude production quotas at a meeting in Vienna.

The Organization of Petroleum Exporting Countries (OPEC) today announced that its members could not reach an agreement to change OPEC's production quotas. How significant is that announcement? In my opinion, not very. Forbes provides these details:

AP - Oil prices fell below $82 a barrel Tuesday in Asia

Oil prices fell by more than $2 a barrel after Opec voted to keep its production quotas unchanged at its meeting in Vienna this weekend

[AP] - Oil prices fell below $100 a barrel Monday amid fresh signs of slowing U.S. economic growth and ahead of a meeting of the OPEC oil cartel, where a production increase may be up for discussion.

[AP] - Oil prices slipped below $99 a barrel Tuesday amid expectations that OPEC will raise its production quota this week. By early afternoon in Europe, benchmark crude for July delivery was down 47 cents at $98.54 a barrel in electronic trading on the New York Mercantile Exchange.