SINGAPORE- Oil prices turned lower in Asian trade Friday as the darkening economic gloom overshadowed expectations OPEC would cut production at an emergency meeting in Vienna, analysts said.

In afternoon trade, New York's main contract, light sweet crude for December delivery, fell 64 cents to 67.20 dollars a barrel from its close in the United States on Thursday.

Brent North Sea crude for December delivery also declined 56 cents to 65.36 dollars.

Prices were trending higher earlier in the day ahead of the Organisation of the Petroleum Exporting Countries (OPEC) meeting in Vienna during which they are set to announce an output cut.

Prices have been plunging as fears of a global recession hurt demand, and the oil cartel was expected to cut supplies in the market in a bid to shore up prices.

Ahead of the gathering, Iran, OPEC's second biggest oil exporter, and Libya called for a reduction of two million barrels per day, while Venezuela said there should be a cut of at least one million barrels.

Ken Hasegawa, energy manager at Newedge Japan brokerage in Tokyo, said economic concerns were taking precedence over the planned OPEC output reduction.

He cited the plunge in Asian shares Friday on fears the financial crisis is taking a heavy toll on corporate earnings.

'Stock markets in Asia are still very weak... I think that in the oil market it's not easy to go up firmly even though OPEC decides to slash production,' he told AFP.

'We can see some rebound after the OPEC decision, but the (financial) market situation is very, very bad.'

Fears of a deepening global recession and high oil prices, which touched a historic high of more than 147 dollars a barrel in July, have forced consumers to cut back on energy usage.

Phil Flynn, an energy analyst at Chicago-based Alaron Trading, said global demand could drop by more than two million barrels per day, while at the same time inventories are building.

'That demand drop will accelerate if OPEC cuts production... So barring a colder-than-normal hemispheric winter, even with a production cut of two million barrels of oil a day by the cartel, we should see global inventories continuing to rise,' he said.

'That should keep a lid on oil as we move forward.'

Flynn said in a market commentary that oil prices 'should start heading to the 50-dollar per barrel area' although the fall may not be drastic.

'I am looking for a test of the 2007 low and look for oil to make a troughing or saucer-like bottom skimming along that area. We then should resume the longer term uptrend but in a more normal fashion,' he said.

British Prime Minister Gordon Brown recently said that any reduction made in a bid to push up oil prices would be 'scandalous' at a time when major economies are close to recession.

OPEC produces 40 percent of the world's oil and its official output quota stands at 28.8 million barrels per day.

Friday's meeting on the impact of the global financial crisis and looming recession on the oil market was originally planned for November 18 but was brought forward as prices plunged.

OPEC comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Indonesia suspended its membership earlier this year after becoming a net importer.