11 Aug 2009

Oil prices fall slightly

6:08 pm on 11 August 2009

Oil prices dipped on Monday after the head of OPEC said current prices are "not bad."

US crude fell 33 cents to settle at $US70.60 per barrel. London Brent crude eased 9 cents to $US73.50.

OPEC has cut production by some 4.2 million barrels per day since last September to counter slumping prices and demand in the economic slowdown.

However, OPEC President Jose Botelho de Vasconcelos said prices are not bad at current levels.

Oil prices previously reached $US147.27 per barrel on 11 July last year.