Oil prices fall on Tuesday

World oil prices fell modestly on Tuesday as the Organization of the Petroleum Exporting Countries (OPEC ) implied to maintain its current output.

New York's main contract, light sweet crude for delivery in November, slid 44 cents to close at 61.01 dollars per barrel.

In London, Brent North Sea crude for November delivery fell 68 cents to settle at 60.12 dollars per barrel.

Crude futures have fallen more than 20 percent from its record 78.40 dollars per barrel in mid-July, as demand was downgraded and supply worries eased.

OPEC said it was not considering an emergency session of talks ahead of its scheduled December meeting, despite recent heavy falls in crude prices, according to AFP reports on Tuesday.

OPEC kept its official quota steady at 28 million barrels per day (bpd) at its last meeting in September, but said it could call an emergency meeting if necessary. The next meeting is due on Dec.14 in Abuja, Nigeria.

Source:Xinhua