Oil prices fall sharply

World oil prices fell sharply on Monday as supply worries eased, shrugging off the news that Nigeria and Venezuela cut current output.

New York's main contract, light sweet crude for delivery in November, slid 1.88 dollars to close at 61.03 dollars a barrel.

In London, Brent North Sea crude for November delivery fell 2. 03 dollars to settle at 60.45 dollars a barrel.

Nigeria and Venezuela, two of OPEC's 11 members, began to reduce their oil production by a combined 170,000 barrels per day from Sunday. OPEC spokesman Tarek Amin said the decisions were made voluntarily by each country, insisting they were not imposed by OPEC, according to AFP reports.

OPEC kept its official quota steady at 28 million barrels per day (bpd) at its last meeting in September, but said it could call an emergency meeting if necessary. The next meeting is due on Dec. 14 in Abuja, Nigeria.

U.S. commercial crude oil inventories fell over the past week but supplies of gasoline and other refined fuels posted strong gains, the Energy Department said Wednesday in its weekly petroleum report. 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.

Source: Xinhua