Oil prices dipped in Asian trading on Monday as concerns over supplies eased with the expectation that OPEC ministers would not change their production targets during their meeting later in the day. Light, sweet crude for October delivery fell 28 cents to $65.97 a barrel in electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract fell on Friday by $1.07 to settle at $66.25 a barrel -- the lowest closing price since finishing at $66.23 on April 6. Heating oil futures fell 0.87 cent to $1.8345 a gallon (3.8 liters) while gasoline prices dropped 0.21 cent to $1.6070 a gallon. Natural gas prices fell 17.5 cents to $5.5 per 1,000 cubic feet. Key oil ministers of the Organization of Petroleum Exporting Countries said Sunday on the eve of the meeting that there was no reason for the cartel to change its production targets, the Associated Press reported.
