| GEO Business|
| Oil prices steady after fall to near 50 dollars|
| Updated at: 1704 PST, Thursday, November 13, 2008|
LONDON: Oil prices steadied on Thursday after falling close to 50 dollars a barrel in London trade as the International Energy Agency warns of sliding energy demand around the globe.
With prices tumbling to the lowest levels in almost two years and down almost two-thirds in value compared to record highs of above 147 dollars a barrel in July, analysts said.
OPEC was certain to call an emergency meeting to announce further cuts to output.
Traders were meanwhile gearing up for the latest weekly snapshot of US energy inventories, which has been delayed a day to Thursday because of Veterans Day earlier in the week.
Brent North Sea crude for delivery in December tumbled to 50.60 dollars a barrel -- the lowest point since January 2007.
Later on London's Inter Continental Exchange (ICE), the contract recovered to stand at 52.14 dollars, down 23 cents from Wednesday's close.