New York: Oil prices dipped Monday on concerns about high supplies and more signs from key Middle Eastern producers that OPEC has no plans to cut crude output.
US benchmark West Texas Intermediate for November delivery slipped four cents to $82.71 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for December delivery fell 76 cents to $85.40 a barrel in London.
Crude rose Thursday and Friday in a break from the fairly steady downward trend that has cut more than 20 percent from prices since mid-June.
Monday`s market was preoccupied with slowing economic conditions in Europe and China and with "more than ample (oil) supplies that will slosh around the world," said Gene McGillian, broker and analyst at Tradition Energy.
McGillian said the market was also reacting to reports that Iran would not seek an emergency meeting of the Organization of Petroleum Exporting Countries to cut output in response to falling prices.
OPEC`s biggest producer, Saudi Arabia, has previously signaled plans to keep production high.
"The market is in the process of trying to find a bottom," McGillian said.
