"There is no particular piece of news that is
pressuring prices this morning. People are just taking profits," a
London-based broker said. Global crude futures
moved lower during European morning trading on Monday, with front-month
NYMEX sweet crude futures temporarily dropping below $126/barrel, while July
ICE Brent was just holding above $124/b, a significant drop from Brent's
record high of $126.34/b, seen last Friday.
"No... the market is already saturated with oil
and an increase in output will not affect the price....This action is more
of a political move ... it will only increase reserves," Nozari said. Iranian oil minister
Gholamhossein Nozari said Saturday that OPEC would not increase oil supply
because that would lead to higher inventories and not lower prices,
describing Saudi Arabia's unilateral decision to raise output by 300,000 b/d
as a political move.