Oil Drops Below $95

LONDON (Reuters) - Oil fell below $95 a barrel on Tuesday as investors bet that the OPEC exporter group will boost supply for a second time this year at a meeting next week to cool near-record prices.

Influential Saudi Oil Minister Ali al-Naimi gave nothing away on Tuesday about what action the group will take on December 5, but Indonesia’s Oil Minister said he would back an increase of 500,000 barrels per day (bpd).

U.S. oil dropped $3.10 to $94.60 a barrel by 9:20 a.m. EST. London Brent crude fell by $2.77 to $92.55.

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