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 WASHINGTON (AP) - Oil prices tumbled to a 17-month low below $56 a barrel on Friday, following a $2.50 sell-off the previous day prompted by mild autumn weather, ample winter fuel supplies and doubts about OPEC's willingness to carry out a recently announced production cut.
"This is going to put pressure on OPEC to perhaps make bigger cuts," said BNP Paribas Commodity Futures broker Tom Bentz.
The Organization of Petroleum Exporting Countries, which is scheduled to meet in Nigeria next month, announced an output cut of 1.2 million barrels a day last month. But traders have been skeptical that the Vienna-based cartel will stick to its pledge at a time of historically high prices.
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