Oil prices kept falling today amid worries that crude prices have risen too high in recent weeks and on speculation that recent OPEC comments may signal a less bullish position on production and supplies.
Light, sweet crude for September delivery lost 84 cents to $74.05 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Yesterday, the contract had fallen 90 cents to $74.89 a barrel.
September Brent crude dropped 94 cents to $75.92 a barrel on the ICE Futures exchange in London.
A fair price for crude oil is between $60 and $65 a barrel, Hasan Qabazard, head of research for the Organization of Petroleum Exporting Countries, said yesterday - leading some to conclude the cartel may be open to reversing its long-held position that oil supplies are adequate.