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Oil Falls on OPEC Quotas, Gold Climbs on Greece’s Debt

June 7, 2011 at 5:28 by Vladimir Vyun

Crude oil fell on the speculation that the Organization of the Petroleum Exporting Countries will increase its output quotas. Some analysts predict that OPEC will increase its production by 2.5 million barrels per day from 24.845 million. Other experts believe that the output will remain the same and prices will surge. July futures for delivery of crude oil fell $0.68 to $98.33 per barrel in electronic trading on NYMEX.

Gold gained on worries that the debt situation in Europe, and Greece in particular, may worsen. Greece’s agreed to introduce more austerity measures to receive another portion of the previously agreed bailout. Yet European Union Economic and Monetary Affairs Commissioner Olli Rehn said yesterday that Greece “is facing a default unless there is help”. Gold for immediate delivery traded at $1,543.40 per ounce after rising 0.2 percent yesterday.

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