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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Oil falls below $54 in Asia ahead of OPEC meeting By ALEX KENNEDY,Associated Press Writer AP - 2 hours 8 minutes ago SINGAPORE - Oil prices fell below $54 a barrel Friday in Asia as investors eyed a possible production cut by OPEC this weekend amid a gloomy global demand outlook. Light, sweet crude for January delivery was down $1.10 to $53.34 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. Trading was closed Thursday in the U.S. for the Thanksgiving holiday. Oil prices have fluctuated between $50 and $55 this week, pausing after fall of over 60 percent since reaching a record $147.27 in mid-July. Grim economic data this week pointing to a severe recession in the U.S. in the fourth quarter and signs of growth slowing around the world have kept prices from rebounding further. "The drop-off in demand is going to continue," said Jonathan Kornafel, Asia director at market maker Hudson Capital Energy in Singapore. "There's no reason for the market to rally." Oil will likely trade below $50 a barrel and could test the $40 level by the end of the year, Kornafel said. Investors will be watching whether the Organization of Petroleum Exporting Countries reduces output quotas at an informal meeting Saturday in Cairo. Venezuelan Oil Minister Rafael Ramirez on Wednesday called on OPEC to cut production by 1 million barrels a day. OPEC Secretary-General Abdullah al-Badri on Thursday said the group should not panic in the face of falling oil prices. Russia also indicated this week it may join OPEC in lowering output. "I don't expect a cut out of the Cairo meeting, but I do expect a 1.5 million barrel cut at their December meeting," Kornafel said. "I wouldn't be surprised to see Russia get in with OPEC either." In other Nymex trading, gasoline futures was steady at $1.18 a gallon. Heating oil dropped 2.36 cents to $1.71 a gallon while natural gas for January delivery slid 16.3 cents to $6.72 per 1,000 cubic feet. In London, December Brent crude fell 48 cents to $52.65 on the ICE Futures exchange. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Oil falls below $54 in Asia ahead of OPEC meetingAP - 2 hours 8 minutes ago Slight fall for oil in quiet Asian tradeAFP - Friday, November 28 Emirates president downplays oil price concernsAP - Thursday, November 27 Report: Russia may work with OPEC on output cutAP - Wednesday, November 26 Related Articles: Business SKorea industrial production slows in OctoberAFP - 29 minutes ago Indian bond yields at 3-yr low on rate cut hopesReuters - 44 minutes ago Bulgari expects tough Christmas, 2009 for sales-CEOReuters - 44 minutes ago MF Global to trade distillate swaps in Asia-sourcesReuters - 47 minutes ago Nikkei gains as China hopes, Kyocera offset PanasonicReuters - 47 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed US clears Bank of America deal for Merrill Lynch US president's mother 'doing very well' in hospital: Laura Bush Love handles increase death risk: study Obama vows 'help is on the way' for the economy Michael Jackson strikes 'amicable' deal with Arab sheikh View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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