Oil falls on OPEC's concerns on world economy
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Oil prices fell on Monday, extending the previous session's decline, after remarks by oil producer group OPEC that it was concerned about the potential impact of high oil prices on the global economy.
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The price of oil has fallen in New York after Opec president Purnomo Yusgiantoro said that the oil cartel&#39;s members were increasing production.
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Oil fell below $60 on Friday, reversing course from the previous day as traders weighed OPEC's plans to cut production by 1 million barrels per day (bpd) against overflowing stockpiles.
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Oil prices slid on Monday after OPEC members signaled the cartel could wait until its mid-March meeting to make any production cuts.
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Oil slid towards $76 on Monday, as traders waited to see if top exporter Saudi Arabia will continue to back steady OPEC supply curbs, after weak U.S. jobs data raised concerns of a recession that could hit demand.
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Oil fell towards $77 a barrel on Monday after OPEC expressed concern over near record prices and said it was prepared to pump more crude if needed.
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OPEC on Monday said the fundamentals of the world oil market show signs of weakening in 2007 as economic growth slows and supply from non-OPEC countries rises faster than global demand.
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OPEC has no power over many of the factors buffeting oil markets and the group is worried by record high prices that are threatening the world economy and future demand growth, OPEC ministers said on Tuesday.
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Oil fell more than a dollar to below $62 a barrel on Monday as healthy fuel inventories in top consumer the United States countered plans by OPEC members Nigeria and Venezuela to trim output.
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The worldâs top oil producers appear divided about how to respond to the threat of a sluggish global economy, and thus OPECâs meeting in Vienna on Tuesday may be contentious.
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Oil prices turned lower Monday as traders apparently shrugged off worries about whether production cuts by two key producing nations were harbingers of further restrictions by OPEC members.
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Oil futures prices fell Monday amid concerns about economic growth and on profit-taking ahead of the November contract's expiration
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NEW YORK : World oil prices fell, capping a drop of more than 14 percent in a two-and-a-half-week slide triggered by a perception of growing US crude oil inventories.
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LONDON: World oil prices fell strongly yesterday for the second day running as worries over supply disruptions eased with traders claiming overnight pipeline attacks in major producer Iraq were unlikely to affect the country&#39;s crude exports.
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Oil prices fall after producers' cartel Opec agrees to keep output steady at a meeting in Abu Dhabi.
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Oil prices fell more than a dollar on   Friday as traders questioned whether planned output cuts by   OPEC members Nigeria and Venezuela would be enough to stem a   two-month slide in prices.
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Crude oil prices fell Thursday after the Organization of Petroleum Exporting Countries (OPEC) lowered its forecasts for growth in global demand this year and next.