Oil Prices Fall Below $74 a Barrel |
| Yahoo - Jul 24, 2007 |
Oil prices kept falling Tuesday amid worries that crude prices have risen too high lately and on speculation that recent OPEC comments may signal a less bullish position on production and supplies.
Light, sweet crude for September delivery on the New York Mercantile Exchange lost $1.07 to $73.82 a barrel in electronic trading by afternoon in Europe. On Monday, the contract had fallen 90 cents to $74.89 a barrel.
September Brent crude dropped $1.04 to $75.82 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, told Dow Jones Newswires on Monday -- leading some to conclude the cartel may be open to reversing its long-held position that oil supplies are adequate.
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- Posted: 2007-07-24 11:44:13
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