Crude oil shares continue to slide

Crude oil futures slid for a third day in London on expectations OPEC will raise its production quotas next week to help lower prices from near-record levels.

OPEC president Purnomo Yusgiantoro said the group may boost its target to bring it in line with actual output when it meets in Beirut next Thursday. OPEC members, excluding Iraq, are already pumping about 2.3 million barrels a day more than their self-imposed quota of 23.5 million barrels a day, he said.

“There may be some scepticism as to how much they will increase output, but prices would definitely go down,’ said Veronica Smart, an analyst at the energy information centre.