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Oil prices continued to fall back from recent highs on both sides of the Atlantic on Tuesday, dropping $1.67 in London to stand at $75.17 towards the end of trading.
In New York, prices dropped even further, down $1.73 to $73.16.
The sudden decrease in prices came on the back of speculation that OPEC might opt increase output when it meets in Vienna on September 11.
Rising demand, stoppages at US refineries and increased interest from investors are thought to have contributed to the recent sharp increase in prices. However, it is hoped that today’s decreases will deter many investors.
Comments made by Mohammed Al Hamli at the weekend are also thought to have contributed to the dip in oil prices. The OPEC president expressed the organization’s “concern” about rising prices.
He also revealed OPEC’s aim of keeping oil prices somewhere between 60-65 USD per barrel.
With fuel inventory numbers from the US to be released on Wednesday, there was widespread anticipation of a further drop in prices as refinery rates are expected to be up on the previous inventory numbers.
23:24
Posted on Jul-30-2007
