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Oil Prices Fall on Uncertainty Over OPEC Production Cut

U.S. oil prices dipped below $59 a barrel Tuesday, as traders debated whether OPEC will officially cut its crude oil production.

U.S. sweet crude for November delivery sold as low as $58.95 a barrel. That is a 25 percent drop from the all-time high of $78.40 in July.

It has been widely rumored that OPEC nations will reduce production by one million barrels. But analysts say OPEC has not decided if it will formally cut oil production to help stabilize prices.

OPEC's official daily output quota has stood at 28 million barrels since 2004. Analysts say the group has actually been supplying about 27.5 million barrels a day.

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