Oil falls below $60, investors doubt OPEC
LONDON (Reuters) - Oil fell below $60 a barrel on Friday as investors doubted OPEC's resolve to carry out a planned supply cut and fuel inventories swelled in the United States, the world's top consumer.
U.S. crude settled 27 cents lower at $59.76 a barrel, off nearly $20 from its mid-July peak of $78.40. London Brent fell 17 cents to $59.83.
OPEC President Edmund Daukoru said on Friday he intended to secure a supply cut deal by Monday that would remove about 1 million barrels per day of crude from the market to slow the rapid decline in oil prices.
But investors were wary as the Organization of Petroleum Exporting Countries group had yet to make an official statement on the planned cuts.