Oil prices slip further
Foreign Desk Report

VIENNA (Austria)—Oil prices slipped Monday but were off earlier lows after OPEC President Edmund Daukoru said the oil cartel may need to cut production further this year to deal with an oversupply in the market.
In Nigeria, a government official said armed protesters overran and shut down an oil facility run by Italian oil company Agip, the latest violence to hit Africa’s biggest crude producer.
Light, sweet crude for December delivery dropped 42 cents to $58.72 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe, after earlier trading as low as $58.50. December Brent crude on London’s ICE Futures exchange fell 33 cents to $58.82 a barrel.
Daukoru described the current price of oil as “low.” Regarding OPEC’s decision last month to cut production effective Nov. 1, he said the effects of the reduced output have yet to be seen, but would be soon.