Oil falls below $94 a barrel on US holiday

Published on NewsOK Modified: May 27, 2013 at 3:39 pm •  Published: May 27, 2013
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Markets will also be watching Friday's meeting at its Vienna headquarters of the Organization of Petroleum Exporting Countries.

"We anticipate that OPEC will stick with its official production target of 30 million barrels per day," said a report from Commerzbank in Frankfurt. "Saudi Arabia and the other Arab Gulf states see no reason for the moment to comply with the demands of individual OPEC states to implement measures aimed at shoring up prices. Thus the oversupply on the oil market will remain in place for the time being."

In April, OPEC's output averaged 30.46 million barrel a day.

Brent crude, a benchmark for many international oil varieties, was down 8 cents to $102.56 a barrel on Nymex.

In other energy futures trading on Nymex:

— Wholesale gasoline lost 0.003 cents to $2.8256 a gallon.

— Heating oil rose 0.01 cent to $2.8642 per gallon.

— Natural gas added 5 cents to $4.336 per 1,000 cubic feet.

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Pamela Sampson in Bangkok contributed to this report.

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