Oil ends under $62 on hefty supply, OPEC talk

Another Democrat talking point in the crapper....

SAN FRANCISCO (MarketWatch) -- Crude futures closed under $62 a barrel Tuesday as a general cloud of uncertainty in the market, concerns over a potential glut in global oil supplies and easing worries about risks to production helped sent the October contract to its lowest level of the year.

Comments from the president of the Organization of the Petroleum Exporting Countries dismissing the near-term likelihood of a production cut probably contributed the largest part of the price pressure Tuesday, said Phil Flynn, a senior analyst at Alaron Trading.

Crude for October delivery fell to a low of $61.60 a barrel on the New York Mercantile Exchange before closing at $61.66, down $2.14, or 3.4%. The intraday low surpassed Friday's low of $62.05 to reach the contract's weakest intraday level since late December 2005. The April contract, however, traded below $60 back in late March