LONDON, Nov 14: Oil prices fell on Friday, a day after slumping close to $50 a barrel, despite growing expectations that Opec could cut output again later this month, traders said.

Brent North Sea crude for January fell 90 cents to $55.34 on London’s InterContinental Exchange (ICE).

The Brent December contract expired on Thursday at $51.99 after hitting $50.60 -- the lowest level since May 2005.

On the New York Mercantile Exchange (NYMEX), light sweet crude for December delivery fell 66 cents to $57.58 a barrel, after hitting $54.67 on Thursday, a level last seen in January 2007.

Crude oil prices have collapsed by about two-thirds since striking record peaks above $147 in July on concern that a prolonged global recession could slam the brakes on energy demand.—AFP