July 30, 2002	Tuesday	Jamadi-ul-Awwal 19,1423

LONDON, July 29: World oil prices fell further on Monday, weighed down by reports of Opec overproduction.

International benchmark Brent crude oil were down eight cents at $24.95 per barrel early in London, while US crude futures dipped 12 cents to $26.42.

A preliminary report on Friday by leading tanker-tracking consultancy Petrologistics showed quota busting by the Organisation of the Petroleum Exporting Countries reached its worst levels in four years this month.

Petrologistics said that Opec oil output was expected to rise by 400,000 barrels a day in July, indicating overproduction of 1.9 million bpd, the worst compliance since early 1998.

It said extra supplies were showing up in shipments from Nigeria, despite a disruption at Escravos.

Analysts said apart from Opec, the world economic picture also appeared bleak.—Reuters