Oil prices fell today as expectations grow that OPEC may increase output to help stem a record rally that has sent prices near $100 a barrel.
Iran's oil minister Gholamhossein Nozari said at the weekend that some members of OPEC will look for an increase in production when the cartel meets in Abu Dhabi on December 5.
US oil fell 32 cents to $97.86 a barrel at around 6pm this evening, after trading as high as $99.11 earlier, close to the record $99.29 a barrel hit last Wednesday.
London Brent crude traded down 39 cents to $95.37 a barrel after hitting a record $96.65 earlier in the session.
Oil has risen more than 40% since August, boosted by a slump in the US dollar to a series of record lows versus the euro that has spurred buying of oil, gold and other commodities.
Heating fuel demand is expected to pick up as the Northern hemisphere winter kicks in next month. The US northeast region is the world's biggest user of heating oil.
