Crude oil prices fell for a second day after OPEC said it was providing adequate supplies. Prices fell by about $2 per barrel.
New York: US crude oil futures slid to below $73 per barrel on Tuesday, extending losses from record highs, as OPEC promised to keep pumping at near full capacity.
Crude for June delivery was trading at $72.99 a barrel in ACCESS electronic trading, on the Nymex.
The Organisation of Petroleum Exporting Countries, the source of more than a third of the world's oil, kept its production ceiling of 28 million barrels per day unchanged.
At a meeting of ministers in Doha, however, the organisation said that it was powerless to rein in runaway prices.
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