Oil Prices Falling Thanks To OPEC

Crude oil futures fell, after the OPEC?s boosting output, which must increase oil reserves in oil-thirsting countries.
Crude futures fell 39 cents to $38.10 a barrel for July delivery Monday on the New York Mercantile Exchange. Oil prices declined to $37.75, the lowest price since May 3. The contract closed at $42.33 a barrel on June 1, the highest since first trading in 1983.
In London, Brent crude-oil futures contract for July delivery was down 37cents, at $35.30 a barrel on the International Petroleum Exchange, oil prices fell to $34.80, the lowest since April 30.
Saudi Arabia has raised its output to 9.1 million barrels of oil a day. The United Arab Emirates is raising output to its capacity of 2.45 million barrels a day, or 400,000 barrels above its current quota, the nation's oil minister Obaid bin Saif al- Nasseri said.
Iran's oil minister, Bijan Namdar Zanganeh, suppose that OPEC members should increase the output by another million, as soon as they are already producing more than promised.