MARKETSCOPE : Oil prices fell on Monday, amid speculation that the Organization of Petroleum Exporting Countries might not cut output at its Dec. 12 meeting.
January West Texas Intermediate crude oil fell $1.35 to $57.36, December heating oil futures shed 5.36 cents to 163.56 cents, and December gasoline futures plunged 3.86 cents to 141.90 cents.
The Saudi Oil Minister reportedly said oil markets are well supplied, which raised speculation that the Organization of Petroleum Exporting Countries (OPEC) could cut production at its Dec. 12 meeting. But Kuwait Energy Minister Sheik Ahmed Fahd Al Ahmed Al Sabah, the OPEC president, said his country saw no need to cut production "at the moment," and that current oil prices were "suitable for all."
December Brent crude oil futures fell 17 cents to $54.84 despite colder European weather.