OPEC about to dump cheap oil into the US market. Punitive tariffs anyone?

[RB TexLa]

It's dumping anyway you put it.


Oil falls as OPEC mulls raising output


By Fayen Wong 1 hour, 57 minutes ago

SYDNEY (Reuters) - Oil fell more than $1 on Monday, reversing the previous session's rally, after OPEC kingpin Saudi Arabia said the cartel would discuss boosting oil output at an upcoming meeting to cool surging oil prices.

U.S. light crude for December delivery fell as much as $1.08 to $95.24 a barrel in early electronic trading before recovering slightly to be down 90 cents at $95.42 by 0100 GMT.

U.S. oil, which struck a record $98.62 a barrel last Wednesday, settled 86 cents higher at $96.32 a barrel on Friday due to winter supply concerns and a falling U.S. dollar.

London Brent crude fell 67 cents to $92.51 a barrel.

http://news.yahoo.com/s/nm/20071112/bs_nm/markets_oil_dc_1