NEW YORK, Sept 11: Oil fell slightly on Tuesday after Opec agreed to a small increase in production starting November 1 in a bid to quell consumer nation concerns about high prices and falling fuel inventories.
US light crude fell 2 cents to $77.47 a barrel by 1656 GMT -- off earlier highs of $78.32 near its record high of $78.77. London Brent crude rose 18 cents at $75.66.
Analysts said crude remained strong despite the increase as the hike might not be enough to quell supply concerns.
“It looks like it’s going to apply some upward pressure to (crude prices) again because earlier this morning there were some rumours that they would increase it to 700,000 bpd to 1 million bpd,” said Jim Ritterbusch, president of Ritterbusch & Associates.
“This 500,000 bpd appears to be a token gesture.”—Reuters
