Oil falls as Opec discusses production increase

The world’s top oil forecasters this week all cut their 2013 oil demand forecasts due to subdued economic growth, with the figures showing increasing similarity in the views of producers and consumers. The International Energy Agency (IEA) on Thursday trimmed its global oil demand growth estimate, which followed similar moves by the U.S. Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries (OPEC).

[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.

OPEC oil producers will hold firm their output but must act to curb high crude stock levels, the cartel's secretary general said Monday as the organisation gathered for its first meeting in poverty-stricken Angola.Abdullah El-Badri told reporters that the powerful members of the 12-member grouping must act to counter the effects of high crude stockpiles, which observers say could weaken the market when demand falls in the spring.

Oil prices fall after a three-day rally, as economic worries outstrip a promised output cut by producers' cartel Opec.