Oil Turns Lower As OPEC Says 'no Panic' Over Prices

Oil futures turned lower Monday after OPEC Secretary General Abdullah al-Badri told markets not to "panic" over low oil prices at an industry conference in Abu Dhabi, according to reports. Earlier Monday, December crude traded as high as $79.85 a barrel on the New York Mercantile Exchange. Al-Badri's comments were likely enough to tip it lower, however, since the rally "was built on flimsy legs" amid broader concerns about crude oversupply and lack of demand, said Darin Newsom, a senior commodities analyst with DTN. OPEC was signaling, yet again, it would keep its output unchanged rather than cutting production to put a floor on prices, he added.