OpecProduction

Oil Prices Hit 8-Month Low as Spain Optimism Fade

The price of oil hovered above $82 a barrel Tuesday after touching an eight-month low near $81 earlier in the session amid concern Spain's bank bailout won't be enough to stem Europe's debt crisis and suggestions OPEC could boost production targets.

OPEC: Oil Prices Are in a Sweet Spot

The Organization of the Petroleum Exporting Countries signaled it will not adjust its oil output targets, sending prices of crude futures above $82 per barrel on Wednesday, just a day after crude futures fell below $80 per barrel.