Oil Prices Fall Below $99 Ahead of OPEC Meeting

New York, NY, June 7, 2011 -- Oil prices fell back below $99 a barrel Tuesday as investors expected 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. The contract lost $1.21 to settle at $99.01 on Monday.

Brent crude was down 3 cents to $114.45 a barrel on the ICE futures exchange in London.

Analysts are looking for clues on what the Organization of Petroleum Exporting Countries will do about oil production when it meets Wednesday in Vienna.