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.