NYMEX: Oil Futures Falling

NYMEX oil futures fell more than $1, because of OPEC's prospects to raise the output when it meets next week in Beirut. Gasoline prices drop, as speculators pocketed profits.

NYMEX July crude is $1.20 (2.9 percent) lower, and traded at $39.50 a barrel. It posted a session high of $39.99. Prices are down from the 21-year record of $41.85 posted on May 17.

NYMEX June gasoline last traded at $1.38 a gallon, down 3.92 cents or 2.8 percent. It recouped much of its losses after slumping to the session low of $1.3480, a loss of 7.12 cents or 5 percent. Prompt gasoline has fallen 9 cents or 6 percent since hitting a record $1.47 on May 20.