OPEC Output Boost To Make Prices Fall

New York crude oil futures are predicted to fall next week as OPEC announce its move to raise output quota by 2,2 million barrels daily.
According to Bloomberg survey, 28 out of 45 respondents in the survey, or 62 percent, predicted that crude-oil futures will fall. A week ago, 59 percent of the survey participants were bearish. Eleven in this week's survey said prices will probably rise and six expected little change.
Crude oil has dropped 1.5 percent so far this week, touching an all-time high on Tuesday and then plunging as OPEC ministers signaled that members would pump more oil. The 7.2 percent decline Wednesday and yesterday was the biggest two-day slide since March 2003, when U.S. forces invaded Iraq.
Oil for July delivery fell 68 cents, or 1.7 percent, to settle at $39.28 a barrel on the New York Mercantile Exchange yesterday. The price has climbed 20 percent this year and 28 percent from year-ago levels.