NEW YORK - Oil prices fell more than $2 to below $87 a barrel on Thursday as expectations that the financial crisis could further slow demand outweighed calls by some OPEC members to cut output to prop up prices, accodding to Reuters.

The producer group announced it will hold an emergency meeting on November 18 in Vienna to discuss the impact of the financial crisis on oil markets, which has helped knock prices from a record peak over $147 a barrel in July.

U.S. crude traded $2.45 lower to $86.50 a barrel by 2:29 p.m. EDT, after hitting a fresh 10-month low on Wednesday. London Brent crude fell $1.72 to $82.64 a barrel.