Oil markets reacted differently to world developments such as growing signs of world economic crisis and a possible new OPEC output cut.

Light sweet crude for December delivery fell $1.20 a barrel on Friday on the New York Mercantile Exchange, to close at $57.04, reflecting fears of falling demand for oil as global recession in 2009 looks ever more likely.
However, in London, Brent North Sea crude for January increased $2.25 a barrel to stand at $54.24, reflecting investor concerns about a possible cut in oil supply by OPEC.
Crude oil prices have fallen by two-thirds since July’s record high of $147 a barrel on fears of a prolonged global recession that could decrease world energy demand.
The collapse in oil prices has worried members of the Organization of the Petroleum Exporting Countries (OPEC), which produces 40 percent of the world’s crude supply.
Many OPEC members, including Iran have argued for further cuts in production.
“In order to strengthen prices, OPEC is very likely to recommend another production cut as the two previous ones had no effect,” Iran’s OPEC governor, Mohammad Ali Khatibi, told the Iranian Mehr News agency on Friday.
OPEC agreed on October 24 to cut production by 1.5 million barrels a day, but prices have continued to fall.
""If the current trend
[decrease in price] continues, the members will cut production in order to bring back stability to the market,"" Khatibi added.
(Source: Press TV)