OPEC chiefs fail to reach deal<\/p>\n
VIENNA (AFP): OPEC energy chiefs did not reach an agreement on
\noil output Wednesday and delayed a final meeting to approve
\nproduction levels until Thursday, the grouping's president Chakib
\nKhelil of Algeria said.<\/p>\n
"No agreement yet," Khelil told reporters as he emerged from
\nan informal gathering of energy chiefs of the Organization of
\nPetroleum Exporting Countries (OPEC), adding that a final
\ndecision would be taken "tomorrow".<\/p>\n
Meanwhile, the price of oil fell sharply earlier in the day as
\ntraders in London ruled out an imminent output cut by the OPEC
\noil cartel and fretted about a recent buildup in U.S. stocks
\nlevels that highlighted weak demand.<\/p>\n
The price of a barrel of Brent North Sea crude for November
\ndelivery fell US$1.48 a barrel to $20.90.<\/p>\n
In New York, November-dated light sweet crude futures dropped
\n46 cents in early trade to $21.35 a barrel.<\/p>\n
Prices were undermined by figures from the U.S. energy
\ndepartment showing that U.S. crude oil stocks swelled by 3.2
\nmillion barrels last week, painting a picture of a market with
\namply supply.<\/p>\n
Gasoline stocks ballooned by 8.5 million barrels.<\/p>\n
"With the build in gasoline we are seeing that the recession
\nhas kicked in," said Adam Stone, a trader with ED and F Man.<\/p>\n
OPEC is walking a delicate tightrope between falling crude
\nprices and political constraints after the Sept. 11 suicide
\nattacks on New York and Washington.<\/p>\n
Its basket price of seven crudes worldwide which it uses to
\nhelp set output fell to $19.87 a barrel on Tuesday, the cartel's
\nOPECNA news agency reported from Vienna.<\/p>",
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