While OPEC's first priority is to put a floor under a near-$100.
It can't be done before that becoz of the Election Commission's code of conduct.
Analysts say it will drop even lower over falling energy demand.
But the oil companies do not want to reduce prices now.
US crude for December delivery was trading $1.10 lower at $58.21 by 0900 GMT.
In what might be the high watermark for corporate profits, Exxon Mobil reported
Jet Airways, Kingfisher and NACIL owe over Rs 2,000 crore to the oil PSUs.
World oil prices rose in Asian trade today amid OPEC's production cuts.
Indian govt may cut fuel prices to tame inflation ahead of national elections.
It recovered to $68.60 by about 1715 IST, down $2.10 from yesterday's close.
