Oil Prices Fell As Saudis Proposed to Discuss Output

Oil prices fell by more than $1 in Asian trade this morning after Saudi Arabia proposed to discuss the necessity of raising output.

New York's main contract, light sweet crude for December delivery, dropped $1.37 to $94.95 a barrel from $96.32 in late US trades on Friday. Brent North Sea crude for December delivery eased $1.15 to $92.03.