Oil prices fell below US $60 a barrel in thin trading Friday on doubt that OPEC would cut output to lift crude prices.
"The market is not expecting any production cuts at the moment," said Tetsu Emori, an analyst with Mitsui Bussan Futures in Tokyo. "The market sentiment is not really confident. Some oil producing countries have already cut production but the market hasn't really reacted."
Light, sweet crude for November delivery dropped 40 cents to US $59.63 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore.
The contract rose 62 cents Thursday to settle at US $60.03 a barrel on expectations that OPEC would soon cut its output, though a representative of Saudi Arabia denied there was a deal to reduce production.