Crude oil prices in decline on session

Crude oil prices were lower on Monday despite rising geopolitical tensions in two oil-producing regions after Algeria’s oil minister said that there is a possibility that the Organization of Petroleum Exporting Countries could increase production of the market warrants it.

Further, data released by an organization that tracks the movements of oil tankers said that OPEC exports are already up by around 400,000 barrels per day.

Prices for West Texas Intermediate crude for January delivery fell 64 cents to $90.63 per barrel by the close of trade on the New York Mercantile Exchange, while January contracts for Brent crude were down $1.10 to $90.59 per barrel on the ICE Futures Europe exchange in London.

Nymex January gasoline prices fell 1 cent to $2.34 per gallon while January heating oil also was down a cent to $2.60 per gallon but March natural gas added 4 cents to $7.21 per million British thermal units.

Over the weekend there were reports that Turkish troops had attacked Kurdish rebels inside Iraq while Nigerian militants called for rebel groups in that nation to unite to attack the oil industry there.

The ability of these reports to affect oil prices was a sign, one analyst said, that the market is weak.