Economic growth: What the game's about

OPEC has steadfastly refused to set a formal price target, but is on alert for any signals that oil's slide could be prolonged by fundamental market imbalances or by an economic slowdown.

U.S. industrial output fell last month for the first time since January, providing fresh evidence of a cooling economy.

"We are following (U.S. economic growth) with a lot of attention, because this element is critical for petroleum demand in the next few years,"

Algerian Oil Minister Chakib Khelil

But there is a chance for the prices to stay above $50 in the coming years. No new risks to supply emerged over the weekend.

China urged Iran to be more flexible about its atomic work after a week of European Union talks left officials upbeat that a row between Tehran and the West could be resolved.

Weather concerns were also on the backburner, with the fourth storm of the Atlantic hurricane season - Helene - churning over the open seas but posing no immediate threat to land, U.S. forecasters said.