Oil slipped to near $98 per barrel Tuesday as investors anticipate increased crude production from OPEC countries.

Benchmark crude for July delivery gave up 62 cents at $98.39 per barrel in midday trading on the New York Mercantile Exchange.

The Organization of Petroleum Exporting Countries is expected to discuss a change in its production quotas at the cartel's meeting Wednesday in Vienna. Analysts say ministers could increase production in an attempt to push fuel prices lower and take some pressure off the world economy.

The move would be largely symbolic since most OPEC countries already produce more than their daily quota. Raising the quota could allow some countries to boost production even more.

"There's a lot of people who are nervous ahead of those meetings," independent oil analyst Jim Ritterbusch said. After a slew of gloomy reports on gasoline demand, unemployment, consumer confidence, housing and manufacturing, oil investors are less confident that oil will rise in the short term, Ritterbusch said.

"You're seeing a big rush to the exits on the part of hedge funds," he said.

Still, major investment banks say oil is headed higher later this year and into 2012. Rising global demand -- driven by China and other emerging economies -- will keep pressure on oil supplies.

Those forecasts were supported Tuesday by the U.S. Energy Information Administration's monthly outlook. The EIA said world oil demand will grow by 1.7 million barrels per day this year and another 1.6 million barrels per day in 2012. And despite a recent decline in gasoline consumption in the U.S., the government says drivers will burn an additional 3.4 million gallons per day in 2012.

Shares of cable company Cablevision Systems Corp. rose Tuesday, a day after it announced that a planned spinoff of its cable networks will take place at the end of June.

THE SPARK: On Monday, the New York-area cable company said its board of directors approved spinning off its AMC, IFC, Sundance Channel and WE TV networks as a group. Cablevision said it will spin off AMC Networks Inc. June 30.

THE BIG PICTURE: People who hold Cablevision shares as of June 16 will get one share of AMC Networks Inc. for every four shares of Cablevision they own. Shares of the spun-off company will trade on the Nasdaq stock market under the symbol "AMCXV."

THE ANALYSIS: Spinning off the networks will get Cablevision close to being a pure cable company, which could attract more investors, said Nomura analyst Mike McCormack in a note to clients.

But Cablevision will still own media properties, including a New York-area television network, local newspaper Newsday and movie theater chain Clearview Cinemas.

Shares of G-III Apparel Group Ltd. fell Tuesday after the clothing maker reported a first-quarter loss, while analysts expected a profit, and an analyst downgraded the stock.

THE SPARK: G-III Apparel reported after the markets closed Monday that it lost money in its fiscal first quarter as rising expenses hurt its results. Its revenue rose slightly more than expected.

THE BIG PICTURE: Like most clothing makers, the company -- which holds licenses to make products under such brands as Calvin Klein, Sean John and Kenneth Cole -- is facing steeply higher cotton costs and gas and labor costs.

THE ANALYSIS: This was the second quarter in a row when its gross margins fell below expectations, Stifel Nicolaus analyst Jim Duffy said Tuesday morning. The company also faces rising costs and slowing sales growth rates.

Stocks are closing slightly lower as worries about Europe's debt crisis overshadowed a rebound in oil prices.

Oil closed above $99 per barrel Tuesday after major banks raised their forecasts for crude prices. Energy companies including Chevron Corp. and Exxon Mobil Corp. rose, but most other industries fell.

Greece's main opposition party said it opposed the government's latest attempts to reduce debt. The news further dampened hopes that Greece would repair its finances.

The Dow Jones industrial average rose 25 points, or 0.2 percent, to close at 12,356. The S&P 500 index fell 1 point to 1,316. The Nasdaq fell 13, or 0.5 percent, to 2,746.

Falling shares outpaced rising ones by a small margin on the New York Stock Exchange. Trading volume was 3.5 billion shares.