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| Oil prices fall on economy fears | Oil prices fall on economy fears |
| (10 minutes later) | |
| Oil prices have fallen because of more bad economic news and after Opec hinted it would not cut oil production soon. | |
| US light, sweet crude fell more than $1 to $55.93 a barrel. Brent crude lost 52 cents to $53.72. | US light, sweet crude fell more than $1 to $55.93 a barrel. Brent crude lost 52 cents to $53.72. |
| Investors fear demand for oil will be hurt as more countries slide into recession, with Japan's economy the latest victim. | Investors fear demand for oil will be hurt as more countries slide into recession, with Japan's economy the latest victim. |
| Prices were also hit after Opec's president downplayed the chance of a November output cut. | Prices were also hit after Opec's president downplayed the chance of a November output cut. |
| "[Opec president] Chakib Khelil basically said that they will not cut on 29 November," said Dave Ernsberger, Asia director of global energy information provider Platts in Singapore. | "[Opec president] Chakib Khelil basically said that they will not cut on 29 November," said Dave Ernsberger, Asia director of global energy information provider Platts in Singapore. |
| Earlier it was reported Iran would call for a cut of between 1m and 1.5m barrels a day when the oil cartel meets in Cairo later this month. | Earlier it was reported Iran would call for a cut of between 1m and 1.5m barrels a day when the oil cartel meets in Cairo later this month. |
| But Mr Khelil said Iran's call was a "wish". | But Mr Khelil said Iran's call was a "wish". |
| The oil cartel decided in October to cut production by 1.5m barrels a day, but this has not stopped world oil prices from falling further. | The oil cartel decided in October to cut production by 1.5m barrels a day, but this has not stopped world oil prices from falling further. |
| They have dropped more than 60% since their record highs of nearly $150 a barrel in July. | They have dropped more than 60% since their record highs of nearly $150 a barrel in July. |
| Japan's economy has entered its first recession since 2001 after shrinking by 0.1% in the third quarter. | Japan's economy has entered its first recession since 2001 after shrinking by 0.1% in the third quarter. |