Oil Falls $3.69 for Week to 17-Month Low

rude oil futures fell to a 17-month low on the New York Mercantile Exchange as traders speculated that the Organization of Petroleum Exporting Countries would fully follow through with promised production cuts, Bloomberg reported Friday.

OPEC had agreed to a 1.2 million barrel production cut beginning Nov. 1, but a report yesterday said November OPEC shipments would rise, Bloomberg said.

Crude oil futures on Friday fell 36 cents to $55.90 at the close of trading on the New York Mercantile exchange.

Oil futures fell $3.69 for the week, Bloomberg reported.