Crude price hit this year's lowest

New York crude future price hit the lowest price this year on Wednesday as concern over OPEC output cutting eased.

New York's main contract, light sweet crude for delivery in November, fell 93 cents to close at 57.59 dollars a barrel, after touching as low as 57.48 dollars, the lowest price this year.

In London, Brent North Sea crude for November delivery dropped 69 cents to settle at 58.65 dollars a barrel.

Crude futures have fallen more than 25 percent from its record 78.40 dollars per barrel in mid-July, as demand was downgraded and supply worries eased.

Nigerian Oil Minister Edmund Daukoru, who currently heads the Organization of the Petroleum Exporting Countries, said the cartel 's 11 nations had agreed to slash output by a combined million barrels per day from November. But the OPEC secretariat in Vienna could not immediately confirm that an accord had been struck, according to AFP reports.

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.

Source: Xinhua