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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 prices fall in profit taking, doubts on OPEC cut AFP - Wednesday, December 10 NEW YORK (AFP) - - Oil prices fell Tuesday in profit taking a day after a rally, with speculation that OPEC's expected announcement of an output cut next week will have little effect amid plummeting demand. Light, sweet crude for January delivery shed 1.64 dollars to close at 42.07 dollars on the New York Mercantile Exchange. In London, Brent North Sea crude for delivery in January dropped 1.89 dollars to settle at 41.53 dollars a barrel on the InterContinental Exchange. The oil market had soared on Monday after US president-elect Barack Obama promised the biggest infrastructure investment in half a century and Congress signaled a rescue of the Big Three US automakers. Prices also were lifted as traders digested news that OPEC appeared set to announce a cut in output next week. Brent oil had jumped 2.90 dollars a barrel and New York crude rallied 3.68 dollars on Monday. But analysts said the gains would be short-lived because energy demand in the immediate term remained soft, with the US and other industrialized economies mired in recession. "Oil remains fundamentally weak ... The downward trend is very much intact," said commodity analysts at Societe Generale. Investors will be watching closely the December 17 OPEC meeting where the oil cartel is widely expected to announce another round of production cuts in a bid to shore up slumping prices. The Organization of the Petroleum Exporting Countries (OPEC), which pumps about 40 percent of the world's crude, maintained existing output levels at its last meeting in November. On Tuesday, OPEC member Libya called for a "substantial" reduction in output at the December 17 meeting. "The market needs some substantial action," said the head of the Libyan national oil company Shukri Ghanem. Referring to current prices, he said: "I think they are close to a bottom and after the OPEC meeting, they will rebound." Oil prices have plunged by about 70 percent since reaching record highs above 147 dollars in July as investors track the slowing global economy's drag on energy demand. "OPEC does not have a very good history of effective long-term strategy," said Mike Fitzpatrick, analyst at MF Global. "Despite assurances to the contrary, officialdom of the oil-producing nations must be experiencing a very high degree of anxiety," he said. 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 profit taking, doubts on OPEC cutAFP - Wednesday, December 10 Oil dips to near $43 as investors eye OPEC cutsAP - Wednesday, December 10 Oil edges above $44 as investors eye OPEC cutsAP - Tuesday, December 9 Oil steady near $44 as investors eye OPEC cutsAP - Tuesday, December 9 Related Articles: Business Sony shares slide after restructuring plansReuters - 36 minutes ago Japan Hot Stocks- Nippon Electric Glass, SonyReuters - 39 minutes ago Japan machinery orders down 4.4 percent in OctoberAFP - 39 minutes ago Hynix shares jump 9 pct on hopes for fresh fundsReuters - 40 minutes ago Commonwealth Bank raises US$493m in new equityReuters - 41 minutes ago Enlarge Photo Oil prices fall in profit taking, doubts on OPEC cut Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed New recession warnings hit leading economies Muslim pilgrims stone Satan at the hajj Dow Chemical to cut 5,000 jobs, close 20 facilities Stocks take flight on prospects for anti-recession moves Military jet crashes in California suburb, three dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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