Business | Oil & Gas
Oil falls below $54 ahead of Opec meeting in Cairo
Oil fell below $54 a barrel on Friday as Opec ministers gathered in Cairo to discuss supply cuts to counter the impact of the global financial crisis on oil demand.
- Agencies
- Published: 14:41 November 28, 2008
London: Oil fell below $54 a barrel on Friday as Opec ministers gathered in Cairo to discuss supply cuts to counter the impact of the global financial crisis on oil demand.
US light crude for January delivery stood $1.29 a barrel lower at $53.15, down from $54 in late trading on Thursday.
London Brent crude was 63 cents down at $52.50.
The Organization of the Petroleum Exporting Countries has not ruled out making its third output cut in as many months.
Several Opec delegates have said the Cairo gathering is likely only to measure compliance with existing cuts.
Shokri Ghanem, the head of the Libyan Opec delegation, has said another immediate cut should not be ruled out.
Iran's Oil Minister Gholamhossein Nozari said on Friday the Cairo talks would likely review market conditions but defer any final decisions on output levels to their meeting next month.
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