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October marks sharpest monthly drop in oil prices

03 November 2008 12:32 (UTC +04:00)

U.S. crude settled up $1.85, 2.8 percent, at $67.81 a barrel, but ended the month down more than 31.2 percent -- the steepest monthly decline to date -- as demand continues to slow in the United States and other big consumer nations.
London Brent crude settled up $1.61 at $65.32.
However, oil prices rose 7.3 percent in the past week of October.

Oil sharp downturn has spurred OPEC members to call for additional supply reductions after the cartel last week decided to cut output by 1.5 million barrels per day.
Further price support came amid signs OPEC members were reducing supplies in line with the agreement. Kuwait on Friday informed customers it was cutting crude supplies by 5 percent in November.