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Oil Prices Fall Amid Doubts About OPEC's Resolve to Cut Production


World oil prices have fallen slightly on traders' doubts that OPEC will follow through on a planned one-point-two-billion-barrel-a-day production cut.

Crude oil for November delivery fell nearly $1.00 per barrel to $57.81 in mid-morning trading Friday in New York.

Analysts say the market is skeptical about the ability of OPEC to slash its planned production beginning November 1.

Following an emergency meeting in Qatar Friday, the group said oversupply has destabilized the oil market. The 11-member cartel agreed to decrease output to counter an expected slowdown in demand for oil next year, especially in the United States.

Oil prices have slumped 25 percent since July due to rising inventories and expectations for a slower global growth rate.

In a report released Wednesday, the U.S. Energy Department reported that American inventories of crude oil rose by 5.2 million barrels last week. The inventory of 335.6 million barrels is about seven percent larger than one year ago.

Some information for this report was provided by AFP, AP , Reuters and Bloomberg.

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