WASHINGTON (dpa-AFX) - The price of crude oil slipped near $98 Monday morning amid reports that Saudi Arabia is planning to increase its crude production.
According to media reports, Saudi Arabia will increase its crude oil production 13 percent, or about 1.14 million barrels per day, to boost global supplies and help lower prices.
Light Sweet Crude Oil (WTI) futures for July delivery were down $1.12 to $98.17 a barrel.
This morning, the U.S. dollar was paring its recent gains versus the euro and sterling, while ticking lower against the Swiss franc and the yen.
During this week, traders focus will be on the Commerce Department's retail sales report for May, the Federal Reserve's industrial production report for May, the National Association of Realtors' housing market index for June, the weekly jobless claims report, the Commerce Department's housing starts report for May and the Reuters/University of Michigan's preliminary consumer sentiment index for June.
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