Oil Fell On Peace In Iraq, OPEC Decision

Oil prices fell below $47 per barrel in Asian trading after OPEC?s decision to keep production quotas unchanged and calm elections in Iraq, without expected attacks on oil facilities.

Light sweet crude futures for March delivery eased 55 cents at $46.63 per barrel on the New York Mercantile Exchange

Analysts say, OPEC also announced they would continue to monitor the markets and take action if necessary, so that is a signal to the market they are willing to step in to defend prices. At a meeting Sunday in Vienna, OPEC maintained "currently agreed production levels" of 27 mln barrels per day.