Crude oil prices drift below $59/bl

Oil prices fell below $59 per barrel on Monday as traders doubted all OPEC members would follow Saudi Arabia's lead to curb output under an agreement reached last week.

Nymex crude fell 86 cents to $58.47 per barrel in London deals today. London Brent crude dropped 93 cents to $58.75 per barrel.

Updated at 1050 hrs: Oil prices fell in Asian trade today as OPEC's move to cut production was discounted given comfortable levels of reserves in the United States, dealers said.

New York's main contract, light sweet crude for December delivery, was down 19 cents to $59.14 a barrel from its close of $59.33 on Friday.

Brent north sea crude for December delivery fell 22 cents to $59.46.