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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Oil prices fall in Asia AFP - Monday, November 17 SINGAPORE, Nov 17, 2008 (AFP) - Oil prices fell in Asia on Monday after hopes for an OPEC production cut later this month were dashed while grim economic news mounted, analysts said. New York's main futures contract, light sweet crude for delivery in December, dropped 1.26 dollars to 55.78 dollars a barrel after falling 1.20 dollars to close at 57.04 on Friday at the New York Mercantile Exchange. Brent North Sea crude for January eased 84 cents to 53.40. The contract rose 2.25 dollars to 54.24 on Friday in London. The Organisation of the Petroleum Exporting Countries (OPEC) is scheduled to hold an extraordinary meeting on November 29 in Egypt and some members are calling for the cartel to further cut production in the face of plunging oil prices. But weekend comments by OPEC president Chakib Khelil suggest output will not be lowered this month, said Dave Ernsberger, Asia director of global energy information provider Platts, in Singapore. "Chakib Khelil basically said that they will not cut on November 29th," Ernsberger said. Concern for slowing economic growth and its impact on energy demand has led oil prices to plummet since striking record peaks above 147 dollars in July. The dive has sparked alarm among the OPEC cartel, whose members pump about 40 percent of the world's crude supplies. State television in Iran, OPEC's number two oil producer, reported on Saturday that the country favours reducing crude production by 1.0 to 1.5 million barrels per day at the meeting in Cairo. Kuwait, the bloc's fourth-largest producer, is prepared to cut output if its OPEC partners decide to reduce production, the oil minister said on Sunday. Quoted by the official KUNA news agency, Mohammad al-Olaim called for a revision of the oil market to "restore balance between actual need for crude," and supply, adding that inventories of many countries are full of surplus oil that could lead to a glut in the market. Ernsberger said that even if the cartel does not reduce output this month, a cut looks very likely in December when another OPEC meeting is scheduled. But the oil market is looking for faster action, he said, in light of grim economic news that signals a worsening of global demand for oil. "On the demand side news is even more gloomy," Ernsberger said. Japan's economy, the second largest in the world, slipped into recession in the third quarter as companies slashed investment to weather the financial crisis, official data showed Monday. On Friday European Union data showed that the 15-nation eurozone fell into recession for the first time ever, while government figures the same day from Hong Kong showed the southern Chinese financial hub had also slipped into recession. Oil prices have continued lower despite OPEC's decision on October 24 to reduce production by 1.5 million barrels a day. burs-it/jw 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 prices fall in AsiaAFP - Monday, November 17 OPEC head: oil production cuts unlikely this monthAP - Monday, November 17 Crude continues decline despite signals from OPECAP - Saturday, November 15 Crude falling despite news of another OPEC meetingAP - Saturday, November 15 Related Articles: Asia Pacific Meeting of Tibetan exiles to discuss future opensAP - 17 minutes ago GLOBAL MARKETS-Asia stocks, oil slip with focus on grim outlookReuters - 28 minutes ago Australia invests in whale researchAP - 31 minutes ago US supply trucks resume travel in Pakistan passAP - 39 minutes ago Deposed Thai PM Thaksin now in Dubai: aideAFP - 41 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Asia Pacific Viewed US space-funeral company plans to launch lunar cemetery Obama thinking big, despite crisis Prince Charles wants to speak out as king: biographer Earth would be heading to a freeze without CO2 emissions Democrats face White House opposition to new economic plan View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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