Opec Turmoil Drops Oil Prices

Crude oil prices fell sharply Monday on the New York Mercantile Exchange - reaching a three-month low for the near-term contract - as traders grew worried that OPEC might try to boost production.

Light sweet crude for delivery in July fell 62 cents per barrel to $18.22 on the Nymex.

Facing heavy production by competitors, particularly North Sea producers, some think that the Organization of Petroleum Exporting Countries might try to regain some of its market share by raising output.

OPEC ministers finished the first day of their summer meeting in Vienna on Monday and some ministers said privately that the cartel might raise its output substantially next year.