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Oil prices fall on economy fears Oil prices rise on US output data
(about 11 hours later)
Oil prices have fallen because of more bad economic news and after Opec hinted it would not cut oil production soon. Oil prices have risen after surprisingly good US industrial output figures and warnings of cold weather heading for the US northeast.
US light, sweet crude fell more than $1 to $55.93 a barrel. Brent crude lost 52 cents to $53.72. US light, sweet crude rose to $58.16 a barrel, having fallen to $55.29 earlier on Monday.
Investors fear demand for oil will be hurt as more countries slide into recession, with Japan's economy the latest victim. Brent crude rose to $54.13, having fallen to $52.84 earlier in the day.
Prices were also hit after Opec's president downplayed the chance of a November output cut. The early falls were due to yet more bad economic news and Opec hinting that it would not be announcing any cuts in oil production soon.
US industrial output rebounded in October after a sharp fall in September, the Federal Reserve said.
Output rose by 1.3% during the month, compared with a fall of 3.7% in September - the sharpest fall in production for over 60 years.
That helped ease some fears that demand for oil would be hurt as more countries slide into recession.
Oil prices are down around 60% since their record highs of nearly $150 a barrel in July.
Prices were also hit earlier after Opec's president downplayed the chance of a November output cut.
"[Opec president] Chakib Khelil basically said that they will not cut on 29 November," said Dave Ernsberger, Asia director of global energy information provider Platts in Singapore."[Opec president] Chakib Khelil basically said that they will not cut on 29 November," said Dave Ernsberger, Asia director of global energy information provider Platts in Singapore.
Earlier it was reported Iran would call for a cut of between 1m and 1.5m barrels a day when the oil cartel meets in Cairo later this month.Earlier it was reported Iran would call for a cut of between 1m and 1.5m barrels a day when the oil cartel meets in Cairo later this month.
But Mr Khelil said Iran's call was a "wish".But Mr Khelil said Iran's call was a "wish".
The oil cartel decided in October to cut production by 1.5m barrels a day, but this has not stopped world oil prices from falling further.The oil cartel decided in October to cut production by 1.5m barrels a day, but this has not stopped world oil prices from falling further.
They have dropped more than 60% since their record highs of nearly $150 a barrel in July.
Japan's economy has entered its first recession since 2001 after shrinking by 0.1% in the third quarter.