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OPEC Ponders Boosting Oil Output

Members of the Organization of Petroleum Exporting Countries are meeting in Vienna to consider offering as much as another two million barrels of crude oil a day to world markets.

Oil and gasoline prices soared to record highs in recent weeks as Hurricane Katrina threatened oil production and refining capacity on the U.S. Gulf Coast.

Some analysts say OPEC's offer would have symbolic rather than practical impact because gasoline prices were driven upward by a shortage of refining capacity rather than a lack of crude oil.

World oil prices have fallen from their record high of $70.85, but rebounded more than $2 a barrel to $65.25 cents on the New York market Monday morning.

Traders were reacting to news that another tropical storm is on a course that might hurt oil and gasoline production.

Some information for this report provided by AFP and Reuters.