Oil prices drop on possibility OPEC will increase output

Oil prices dropped Tuesday after a key OPEC member left open the possibility the oil cartel will increase output to curb rising prices, and following the strengthening of the US dollar overnight. Saudi Arabian Oil Minister Ali al-Naimi said production will be discussed when the Organization of Petroleum Exporting Countries meets next month in Abu Dhabi in the United Arab Emirates. Light, sweet crude for December delivery fell 36 cents to $94.26 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore. The contract fell $1.70 to settle at $94.62 a barrel Monday.