Oil Falls in Advance of OPEC Meeting

Oil prices moved below $88 a barrel Tuesday, one day in advance of an OPEC meeting in which cartel members were set to meet to decide whether to increase production, the Associated Press reported.

Benchmark light, sweet crude oil futures fell $1.33 to $87.98 a barrel on the New York Mercantile Exchange, AP said. Prices closed at $89.31 on the Nymex on Monday.

Oil prices have dropped about $10 in the past week on the belief that OPEC will decide to boost production, AP reported.

Wednesday’s meeting is scheduled for Abu Dhabi, United Arab Emirates.

A new U.S. intelligence report concluding that Iran halted its nuclear weapons development program in 2003 also weighed on keeping prices down, AP said.