Oil falls to 22-month low at USD 55 on recession fears

OPEC officials, concerned about oil's steep drop from record highs over USD 147 a barrel per day (bpd) in July, said the cartel could possibly decide by the end of the month to cut production again to raise prices. But comments from the producer group failed to lift oil prices, as investors focused on near-term demand worries after the U.S. Energy Information Administration slashed America's 2008 oil demand outlook and the International Energy Agency flagged further reduction in its oil forecast.