Oil prices have fallen to 16-month lows on growing signs that a global economic slowdown is reducing demand. The declines came as official US data showed that US crude stocks rose by 3.2 million barrels in the week to October, higher than expectations.

Highlighting a fall in sales of petrol and other refined fuels, US light crude fell as low as $66.73 a barrel, its lowest pointOil producers group Opec is due to cut output on to help lift prices. US light crude finished the day's trading down $5.43 to $66.75.

Brent crude fell $5.20 to $64.52 a barrel, after earlier touching $64.59, also a 16-month low. Steadily fallen Despite Opec's expected reduction in production, oil analysts said crude prices could fall as low at $60 as signs that the world is heading for recession continue to grow.

Opec's meeting as been brought forward by three weeks, reflecting the 12-nation group's concern at falling prices. Oil hit an all-time high of $147 a barrel back in July, but has since fallen back steadily. Opec members include Saudi Arabia, Iran, Iraq and Venezuela.