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Oil prices slide on Opec remarks Oil prices slide on Iran remarks
(about 9 hours later)
Oil prices are continuing to fall after further comments from the cartel Opec suggested that there is a possibility that supply could be increased. Oil prices fell by more than $1 a barrel on Tuesday amid suggestions from Iran that it may be prepared to increase supply to the market.
Brent crude for delivery in September fell 14 cents to $76.72 a barrel while September light sweet crude fell 13 cents to $74.76 a barrel. Its comments came on the back of a suggestion by the producer cartel Opec that more oil could be made available.
Opec's head of research Hasan Qabazard was quoted on Monday saying that a fair price for oil is between $60 and $65. US light sweet crude for September delivery was down $1.49, at $73.40 per barrel while in London, Brent crude fell $1.54 to $75.32.
Oil prices hit an 11-month peak last week, nearing August 2006's record.
"After soothing statements by the Opec president and the statement out of Iran that, in case the oil market needs it, Opec will inject more oil, the crude complex is in a free fall," said Nauman Barakat, of Macquarie Futures USA.
Concerned
Opec's head of research Hasan Qabazard was quoted on Monday as saying that a fair price for oil is between $60 and $65 a barrel.
The oil cartel has claimed for some time that oil supplies are adequate.The oil cartel has claimed for some time that oil supplies are adequate.
Mr Qabazard's comments reinforced the impression given by Opec's president Mohammed al-Hamli, who said over the weekend that he is concerned about the effect that high oil prices are having on the global economy.Mr Qabazard's comments reinforced the impression given by Opec's president Mohammed al-Hamli, who said over the weekend that he is concerned about the effect that high oil prices are having on the global economy.
"We are concerned about the higher price, because we don't want to go through a recession," he said."We are concerned about the higher price, because we don't want to go through a recession," he said.
Last week, London Brent crude reached $78.40 a barrel - marking an 11-month peak - and approaching the $78.65 record hiigh reached in August 2006.