Crude Oil Set for Drop Ahead of Opec Meeting

3 September 2009 (Last Updated September 3rd, 2009 18:30)

Crude oil traded near $68 a barrel and is set for the biggest drop in eight weeks on speculation that the Organization of Petroleum Exporting Countries (Opec) will keep output steady, Bloomberg has reported. Opec is likely to keep its output target at 24.845 million barrels a day

Crude oil traded near $68 a barrel and is set for the biggest drop in eight weeks on speculation that the Organization of Petroleum Exporting Countries (Opec) will keep output steady, Bloomberg has reported.

Opec is likely to keep its output target at 24.845 million barrels a day as gasoline demand slows with the end of the US summer driving season, the news service said.

Opec is due to hold a policy meeting next week and all 26 analysts surveyed by Bloomberg predicted that the organisation would keep the output target the same.

Crude oil for October delivery traded at $68.23 a barrel, up $0.27, on the New York Mercantile Exchange at 2.05pm in Singapore.