Traders deal in the crude oil futures pit of the New York Mercantile Exchange in New York, 27 Oct 2008

Oil prices hit a 17-month low Monday as investors worried that a global economic slowdown will cut demand for energy.

At the close of trading, the price of a barrel of oil was down less than one dollar to hit $63.22.  

Earlier, prices went as low as $61.30.

Oil prices fell even though OPEC (the Organization of Petroleum Exporting Countries) members said Friday they would cut production by more than five percent (1.5 million barrels per day). OPEC produces about two-fifths of the world's oil.

Iran's OPEC governor Mohammad Ali Khatibi says the cartel will consider further production cuts to help stabilize the oil market if demand does not pick up.

Oil prices are down more than 50 percent since hitting a record high of more than $147 a barrel in July.

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