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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: Slight fall for oil in quiet Asian trade AFP - 2 hours 37 minutes ago SINGAPORE, Nov 28, 2008 (AFP) - Oil prices fell slightly in quiet Asian trade on Friday, the day before an OPEC cartel meeting which has given traders hope that plunging crude prices may be nearing the bottom, analysts said. New York's main futures contract, light sweet crude for January delivery, eased 89 cents to 53.55 dollars a barrel from its close of 54.44 dollars Wednesday in New York. US markets were closed on Thursday for the Thanksgiving holiday. "It's just quiet," said Tony Nunan, of Mitsubishi Corp's international petroleum business in Tokyo. "A lot of the traders are out of the market." Brent North Sea crude for January delivery fell 48 cents to 52.65 dollars. The Organisation of the Petroleum Exporting Countries (OPEC) has watched oil prices collapse from record highs above 147 dollars in July, sparking serious concern among its members about plunging revenues. "Demand is falling like a stone because of the poor economy," Nunan said. OPEC ministers agreed last month to reduce production by 1.5 million barrels a day but the market only crumbled further. Prices last week fell below 50 dollars to levels unseen since early 2005 on growing concern that a global recession could ravage demand for energy, traders said. The OPEC cartel, which pumps about 40 percent of the world's oil, is to meet in Cairo on Saturday but the group's president, Chakib Khelil, has downplayed the idea of an output cut being announced in the Egyptian capital. Nunan said that if output is not reduced in Cairo, a decision could be made at another OPEC meeting set for December 17. "It's causing people to think that we're probably close to a floor" in prices, he said. Oil market analyst Torbjorn Kjus, of Norway's largest financial services group DnB NOR, said OPEC probably needs to initiate further quota cuts of 1.0-1.5 million barrels a day before year-end to protect prices. Nunan said the cuts would probably need months to take effect. "I think in the end Saudi will make the necessary cuts but they're probably going to do it in a low-key fashion," Nunan said, referring to OPEC's largest producer Saudi Arabia. burs-it/mc 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 - 32 minutes ago Slight fall for oil in quiet Asian tradeAFP - 2 hours 38 minutes ago Emirates president downplays oil price concernsAP - Thursday, November 27 Report: Russia may work with OPEC on output cutAP - Wednesday, November 26 Related Articles: Asia Pacific Army official: Mumbai operations almost overAP - 18 minutes ago Pakistan, India ties chill after attacksAP - 22 minutes ago StanChart says 2 Asia consumer bank execs to leaveReuters - 28 minutes ago Thai Muslims caught up in political standoffAP - 50 minutes ago SKorean train makes last trip to NorthAP - 1 hour 1 minute ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Asia Pacific 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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