Said one trader in New York, “A warm welcome from the new OPEC President.”

The incoming OPEC President said this weekend that OPEC may increase production at their next meeting in February. OPEC’s next meeting is February 1st and a main focus of the meeting will be an implementation of strategy on how to meet world demand.

Over the past 3 days, the concerns about projected U.S. economic growth have overshadowed events in Northern Iraq and Nigeria and weather-related news. Some traders in the equity markets have blamed the uncertainty in the oil markets for the lack of direction in the equity markets.

Light sweet crude for January delivery fell 64 cents to settle at $90.63 a barrel on the New York Mercantile Exchange.