Oil prices fall on economy fears

Oil prices fall on more bad economic news and after Opec hinted it would not cut oil production soon. US light, sweet crude fell more than $1 to $55.93 a barrel. Brent crude lost 52 cents to $53.72. Prices fell after Opec's president downplayed the chance of a November output cut, and demand for oil is expected to be hurt as more countries slide into recession, with Japan's economy the latest victim. Oil prices have dropped more than 60% since their record highs of nearly $150 a barrel in July.