| GEO Business | | Oil prices mixed after scaling seven-month peaks | Updated at: 0214 PST, Wednesday, June 03, 2009
 NEW YORK: Oil prices, after spiking to the highest levels this year in New York, ended mixed amid reports that some OPEC member states were not complying with production cuts.
New York's main futures contract, light sweet crude for delivery in July, fell three cents from its closing price on Monday to end at 68.55 dollars a barrel after briefly hitting 69.05 dollars.
London Brent North Sea crude for July delivery rose 20 cents to 68.17 dollars.
"There was definitely some profit taking in the overnight and early on, we did get some reports about OPEC output going up for the first time in several months," said John Kilduff of MF Global. "So there was chatter in the market about cheating."
The Organization of Petroleum Exporting Countries, which pumps 40 percent of world oil, cut its production target three times late last year to stabilize prices that tumbled from record highs above 147 dollars in July to 32.40 dollars in December.
The group, which last week decided to keep output unchanged amid signs of economic recovery and higher crude prices, seeks to influence prices by setting an output quota, with members given individual production targets.
Kilduff said US dollar was weak and continued to provide the undertone for the oil price rally. |  |
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