Oil Falls on Concern Recession Will Curb Demand, OPEC Output - Bloomberg

By Ben Sharples May 26 (Bloomberg) -- Crude oil fell on concern that OPECwill maintain production targets at current levels this weekeven as the global recession curbs fuel demand.

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OPEC is unlikely to change anything at its May 28 meeting,and talk of overly high inventories is exaggerated, said aPersian Gulf oil official with knowledge of the matter. TheInternational Energy Agency forecast this month that world oilconsumption this year will fall by the most since 1981. “The OPEC meeting is this week and there will be nochange” in output, said Mark Pervan , a senior commoditystrategist at Australia & New Zealand Banking Group Ltd. inMelbourne. “On-balance, it’ll be mildly negative for prices.” Crude oil for July delivery fell as much as 79 cents, or1.3 percent, to $60.88 a barrel on the New York MercantileExchange, and was at $61.37 at 9:37 a.m. Singapore time. Theexchange will combine yesterday and today’s trading forsettlement purposes because floor trading was shut yesterday inthe U.S. for Memorial Day.

Full Story: Oil Falls on Concern Recession Will Curb Demand, OPEC Output - Bloomberg