Oil prices continue to fluctuate, drop slightly

September 29, 2006 06:40

Oil prices dropped Friday in what analysts said was a correction following a rise to more than US $63 a barrel a day earlier as the market reacted to reports that OPEC may cut production. Light, sweet crude for November delivery fell 33 cents to US $62.43 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange. Intraday trading Thursday took prices as high as US $64 a barrel. Tetsu Emori, a trader with Tokyo-based Mitsui Bussan Futures, said prices were "tilting to the upside" and that the US $60 level had a lot of support. He noted that prices were still low compared to the intraday record of US $78.40 a barrel set on July 14.

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