Light, sweet crude oil for January delivery fell modestly on the New York market to settle below $53/bbl while Brent for February and March fell to settle below $62/bbl Dec. 5 pending a meeting of OPEC in Vienna. The cartel is under pressure after oil prices fell about 30% since early October. Analysts said oil prices tumbled on concerns about rising world oil supplies coupled with concerns about world economic growth—and likely slowing oil demand.

Source: News