Oil prices fell below $66 a barrel in Asian trading today amid expectations that Opec ministers would not change their production targets when they meet later in the day.
Light, sweet crude for October delivery fell 28 cents to $65.97 a barrel in electronic trading on the New York Mercantile Exchange, mid morning in Singapore.
The contract fell $1.07 Friday to settle at $66.25 a barrel - the lowest closing price since finishing at $66.23 on April 6th.
Key Opec ministers said yesterday on the eve of the meeting that there is no reason for the cartel to change its production targets.
With prices hovering around $67 a barrel and supplies outstripping demand, the 11-nation Opec almost certainly will keep its current production quota steady when it meets Monday in Vienna, said the United Arab Emirates' energy minister.
Although prices are more than $10 a barrel off their July highs, economists concede that jittery market sentiment - fuelled by pipeline problems and political turmoil in the Middle East - does not leave Opec with much choice.
Cutting output would drive prices even higher, and pumping more is not an option for most members already producing at maximum capacity.
AP