Oil prices fall to 5-month low

VIENNA, Sept 09 (AFP) Oil prices fell close to 101 dollars a barrel Tuesday, their lowest reading in five months, ahead of an OPEC meeting where the cartel was expected to leave its output target unchanged. brSaudi Arabia voiced satisfaction with the recent steep decline in oil prices and appeared in no mood to change OPEC's policy despite warnings by some members of oversupply in the months ahead.brWe have worked very hard since June's meeting to bring prices to where they are now. I think everything is in balance, said Saudi Arabia's Oil Minister Ali al-Nuaimi ahead of the OPEC meeting later in the day.brThe Saudi kingdom, the world's biggest crude producer and de facto leader of the Organisation of Petroleum Exporting Countries, has come under fierce pressure from the United States and other allies over recent record prices.brThe country agreed in May and June to pump an extra 500,000 barrels per day (bpd) to help bring down then runaway oil prices, which peaked above 147 dollars in July but now threaten to plunge into double digits.brOil prices slumped close to 101 dollars on Tuesday, their lowest level since the start of April, as the market awaited OPEC's final decision.brBrent North Sea crude for delivery in October dropped as low as 101.27 dollars in London trading. It later stood at 101.72 dollars.brNew York's main contract, light sweet crude for October, was at 104.09 dollars after briefly falling close to 104 dollars.brBut some analysts believe OPEC members could opt for a quiet production cut as demand for oil falls, which would be achieved by reducing excess output above their official quota without formally announcing a policy switch.brOPEC policy is to limit output at 29.67 million bpd, but the group is thought to be producing about a million bdp more than this, with Saudi Arabia accounting for most of the excess.br