Ovetii recently reported that crude oil prices could fall as members of the Organization of Petroleum Exporting Countries increase production and high gasoline pump prices curb fuel consumption.

According to sources, research by Ovetii of Greece revealed that twenty-one of their 43 analysts surveyed, anticipated that oil prices will fall, making this the least bearish response since Septemper 7. Eighteen of the analysts predicted that prices will rise, the most bullish response since the week ended July 6.

According to Ovetii sources, OPEC crude-oil supply will probably increase 1.6 percent in advance of the group's pledge to raise supplies. Ovetii research also revealed that Gasoline demand in the U.S. averaged 9.2 million barrels a day in the four weeks ended Oct. 19, down 0.2 percent from a year earlier.

Ovetii’s senior analyst reportedly stated that, although the recent data from the Department of Energy was bullish, he felt that the larger fundamentals are still evolving in a bearish direction. He went on to add that this was probably largely due to OPEC production being on the rise and demand weakening in the face of the recent record prices.

Prices rose after the department reported that U.S. crude-oil and gasoline supplies unexpectedly declined recently.