Sept. 5 (Bloomberg) -- A supply cut by OPEC next week would be the ``wrong step'' because it would only temporarily boost crude prices, the European Union's Energy Commissioner Andris Piebalgs said.

``If OPEC cuts supply perhaps there will be a rebound, but then it will come down sharply,'' Piebalgs said today in a Bloomberg interview at a conference in Cernobbio, Italy.

New York oil futures, down 27 percent from a record $147.27 reached on July 11, are still at a ``very attractive'' level for producers, he said.

OPEC is scheduled to meet in Vienna on Sept. 9 to review production targets.

To contact the reporter on this story: Stephen Cunningham in London at scunningha10@bloomberg.com

Last Updated: September 5, 2008 04:30 EDT