Oil dipped below $63 a barrel today as concerns about the global economy offset OPEC comments the producer group could throttle back on output again to support prices.
Oil found support early on evidence OPEC would act on last week's decision to cut production as the United Arab Emirates state oil company reduced volumes to term customers.
OPEC ministers will take further steps to prop up the oil market and could call another meeting before the group's next scheduled talks in December, officials said today.
US light crude for December delivery fell 30 cents to $62.92 just after 6.30pm after earlier touching a session high of $65.20. London Brent crude traded down 79 cents to $60.62.
US crude already has dropped by nearly 60% from its record above $147 a barrel in July to a low of $61.30 yesterday, the weakest in 17 months.
OPEC's announcement last week it would cut output by 1.5 million barrels per day initially did little to stem oil's fall as the market was sceptical the group would really reduce supplies.
For the next indication of the balance of supply and demand, traders are looking ahead to US fuel stocks data to be released tomorrow.
Crude inventories were expected to have risen for the fifth week in a row last week following higher imports, a preliminary Reuters poll showed.
