After reaching an all time high of $99.29 last week, WTI crude prices for January delivery were down over $2.00 as speculation grew that OPEC would increase production. The speculation comes on the heels of the Saudi Oil Minister’s announcement that the oil state had increased production to 9,000,000 bpd. The announcement by the Saudi’s along with comments by the Iraqi Oil Minister Hussein al-Shahristani  in an interview with Dow Jones that OPEC is likely to increase production by 500,000 bpd should put continued pressure on the markets.

Many analysts are now starting to believe that the recent attempt to break the century mark may prove to be anti-climactic after OPEC’s December 5th meeting. “Will only gets you so far,” said one analyst about the recent rise of WTI to near $100 pbd. Many energy traders are concerned that speculation on the expected slowdown in the U.S. growth outlook for 2008 could continue to put pressure on oil prices over the near future.