World
 
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Oil prices fall further as OPEC 'rules out' output cut
AFP
LONDON
Petroleumworld.com 10 11 06
World crude oil prices fell on Wednesday after it was announced that the OPEC oil cartel would not hold an emergency meeting to discuss a cut in its oil production.
A source close to OPEC president Edmund Daukoru told AFP on Wednesday that there would be no meeting.
New York's main contract, light sweet crude for delivery in November, dropped 46 cents to 58.06 dollars per barrel in electronic deals before the official opening of the US market.
In London, Brent North Sea crude for November delivery slid 51 cents to 58.83 dollars per barrel in electronic trading.
Crude futures had slumped by more than a dollar on Tuesday as traders cast doubt on the chances of the OPEC cartel cutting its production.
There has been talk that the Organisation of the Petroleum Exporting Countries may decide to slash production in a bid to support prices, which have tumbled from record highs above 78 dollars per barrel reached in July and August.
AFP 11 0903 GMT 10 06
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