Nymex crude oil price stays below $63/bl

 Updated at 1030 hrs: Oil prices dropped below $63 a barrel  to $62.67, as fears over the likelihood of Organisation of Petroleum Exporting Countries (OPEC) significantly reducing output to boost prices, were dispelled.

Earlier, there was widespread apprehension, following a remark by Venezuela that the cartel's members had agreed to keep oil at $50 a barrel.

Updated at 0820 hrs: The US crude oil for January delivery gained 67 cents to settle at $63.13 a barrel on the New York Mercantile Exchange following a drop in US fuel inventories.