Regis Philbin
Sep 26th, 2006, 06:26 PM
http://www.breitbart.com/news/2006/09/26/060926194135.8syn5ezb.html
Oil prices down as OPEC rules out emergency talks
Sep 26 3:41 PM US/Eastern
World oil prices dipped after the OPEC cartel of producer nations signalled no cut to its current output levels for now.
The Organization of the Petroleum Exporting Countries said it was not considering an emergency session of talks ahead of its scheduled December meeting, despite recent heavy falls in crude prices, dealers said.
Markets also reacted to news from British energy giant BP that it expected Prudhoe Bay in Alaska, the biggest US oil field, would resume full production totalling 400,000 barrels daily by the end of October.
New York's main contract, light sweet crude for delivery in November, eased 44 cents to close at 61.45 dollars a barrel.
In London, Brent North Sea crude for November delivery fell 68 cents to a settlement of 60.12 dollars a barrel.
Both the New York and London contracts had fallen below 60 dollars in intra-day trade Monday to their lowest levels since March 8, sparking talk that OPEC may cut output before December to put a floor under prices.
But a spokesman for the 11-nation cartel told AFP in Vienna: "There is really no meeting planned as of now (before December).
Oil prices down as OPEC rules out emergency talks
Sep 26 3:41 PM US/Eastern
World oil prices dipped after the OPEC cartel of producer nations signalled no cut to its current output levels for now.
The Organization of the Petroleum Exporting Countries said it was not considering an emergency session of talks ahead of its scheduled December meeting, despite recent heavy falls in crude prices, dealers said.
Markets also reacted to news from British energy giant BP that it expected Prudhoe Bay in Alaska, the biggest US oil field, would resume full production totalling 400,000 barrels daily by the end of October.
New York's main contract, light sweet crude for delivery in November, eased 44 cents to close at 61.45 dollars a barrel.
In London, Brent North Sea crude for November delivery fell 68 cents to a settlement of 60.12 dollars a barrel.
Both the New York and London contracts had fallen below 60 dollars in intra-day trade Monday to their lowest levels since March 8, sparking talk that OPEC may cut output before December to put a floor under prices.
But a spokesman for the 11-nation cartel told AFP in Vienna: "There is really no meeting planned as of now (before December).