LONDON, Oct 21: World oil prices fell sharply on Tuesday on profit-taking, after recent gains made in the expectation that the Opec crude producers’ cartel will cut output later this week.

London’s Brent North Sea crude for December delivery fell $2.62 to $69.41 a barrel.

New York’s main contract, light sweet crude for delivery in November, tumbled $2.75 to $71.50 per barrel. The contract was to expire at the close.

“Oil futures were... lower, coming off after Monday’s gains on some profit-taking and amid persistent concerns over slowing demand for energy due to the cooling global economy, especially with waning demand in the US and China,” said Sucden analyst Nimit Khamar.

“However, these losses were limited as market participants widely expect Opec to reduce its output quota later on this week.”

Oil had rallied almost $2.5 on Monday owing to signs that Opec will announce output cuts at a meeting in Vienna on Friday.—AFP