Oil prices tumble to $88 a barrel

NEW YORK - Oil prices fell but managed to close above $88 a barrel Tuesday as traders reacted to mixed signals about whether OPEC would decide to increase production during its meeting this week.

A new U.S. intelligence report concluding that Iran halted its nuclear weapons development program in 2003 also weighed on prices.

Light, sweet crude for January delivery fell 99 cents to settle at $88.32 a barrel on the New York Mercantile Exchange. The contract traded as high as $89.98 and as low as $87.34 during the session.