OPEC May Increase Production Ceiling

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OPEC is expected to raise its daily output quota by 500,000 barrels when it meets Wednesday, though analysts said the move would have little impact on oil prices.


The anticipated increase would bring the official quota to 28 million barrels per day.


On Monday, light sweet crude futures rose $2.08 to $55.62 per barrel on the New York Mercantile Exchange, where heating oil futures jumped 5.57 cents to $1.6631 per gallon. Brent crude futures shot up $2.11 to $54.78 a barrel on London’s International Petroleum Exchange.


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