Oil prices fell on Thursday in spite of mounting speculation that Opec could announce a further cut in production within weeks. The cartel confirmed that it was to hold an emergency meeting on November 18 and reiterated its determination to make sure that oil market fundamentals remained in balance and stability was maintained.

Nymex November West Texas Intermediate fell $2.36 to $86.59 a barrel, touching a low of $86.50. ICE November Brent dropped $1.70 to $82.66 a barrel after reaching a low of $82.15.