Oil Drops 11 Cents to $83.21

Bloomberg reported that oil dropped 11 cents to $83.21 a barrel after OPEC cut production in May.

As quoted in the market news:

Oil for July delivery was at $83.21 a barrel, down 11 cents, in electronic trading on the New York Mercantile Exchange at 9:40 a.m. Sydney time.

Click here to read the full Bloomberg report.