Oil prices fell against expected OPEC cut

Oil prices fell against expected OPEC cut
# 22 October 2008 08:25 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. World oil prices fell sharply on Tuesday, with investors shrugging off the possibility of a new OPEC output cut as they focus on slowing global demand.
New York’s main contract, light sweet crude for delivery in November, tumbled $3.36 or 4.5% to close at $70.89 per barrel. The contract expired at the close.
In London, Brent North Sea crude for December delivery dropped $2.31 to settle at $69.72 a barrel.
The November contract expired overnight. December crude closed at $US72.18, down $US2.07.
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