Talk between OPEC and Russian officials of unwinding their deal to cut output has cooled overheating oil prices, at least for the moment.
International prices, which hit a high of $80 a barrel in May, are now more likely to head back to $50 a barrel rather than continue surging toward the feared $100 level. Oil prices in the United States are at an eight-week low, hovering around $64.50 a barrel on Tuesday for West Texas Intermediate, as U.S. production continued its climb toward 11 million barrels a day.
