With its clout and credibility at stake, OPEC leaders said Tuesday they will attempt to lower soaring oil prices by raising the cartel’s production target.
The Organization of Petroleum Exporting Countries is expected to raise its daily output ceiling by 500,000 barrels to an official quota of 28 million barrels per day when it meets Wednesday.
On Tuesday, light sweet crude for July fell 62 cents to settle at $55 a barrel on the New York Mercantile Exchange. On London’s International Petroleum Exchange, July Brent fell $1.05 to $53.73 a barrel.
