Oil little changed after falling on signs recession may deepen

SINGAPORE (Bloomberg) -- Crude oil was little changed in New York, after falling on signs the global recession may be deeper than anticipated, limiting demand for fuels.
The economy in Japan, the world’s second-largest oil importer, contracted 1.8 percent in the third quarter, more than the government originally estimated, the Cabinet Office said on Tuesday. The Organization of Petroleum Exporting Countries, controller of 40 percent of global oil supplies, is due to meet next week. “As the economic downturn persists, demand for oil deteriorates on what appears like a daily basis,” said Rob Laughlin, senior broker at MF Global Ltd. in London. “OPEC will have to make a significant cut next week.” Crude oil for January delivery was at $43.66 a barrel, down 5 cents, in after-hours electronic trading on the New York Mercantile Exchange at 9:56 a.m. London time.