Oil prices fall sharply

Crude oil futures fell sharply on Tuesday as the Organization of Petroleum Exporting Countries (OPEC) plans to meet over ways to support oil prices.

New York's main contract, light sweet crude for delivery in December, fell 1.01 dollars to close at 58.93 dollars per barrel.

In London, Brent North Sea crude for November delivery lost 72 cents to settle at 60.94 dollars a barrel.

Qatar said Sunday that OPEC would hold an extraordinary meeting in Doha on Thursday to discuss a cut in production to check the fall in prices. Qatar's official news agency QNA said.

Crude futures have fallen more than 20 percent from its record 78.40 dollars per barrel in mid-July, as demand was downgraded and supply worries eased.

OPEC kept its official quota steady at 28 million barrels per day at its last meeting in September, but said it could call an emergency meeting if necessary.

U.S. Energy Department reported last Thursday that crude oil inventories rose by 2.4 million barrels to 330.5 million barrels last week. Gasoline inventories also increased.

Source: Xinhua