Reply #2: Oil slips, seeks more evidence of OPEC cuts

[ozymandius]

LONDON (Reuters) - Oil fell below $59 a barrel on Monday as traders doubted all
OPEC members would follow Saudi Arabia's lead to curb output under an agreement reached last week.

U.S. crude eased 71 cents to $58.47 a barrel by 1102 GMT. The front month contract lost $1.68, more than 2 percent, on Friday to hit its lowest level this year.

London Brent crude dropped 74 cents to $58.94.

Top world oil exporter Saudi Arabia has informed Asian and U.S. customers it will cut output by 380,000 barrels per day from November 1, following an OPEC deal on Friday, a senior OPEC delegate said.

-cut-

The OPEC cut was its deepest since January 2002 and equal to about 4.3 percent of September supply, but has failed to halt oil's slide from its July peak of $78.40.

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