From the BBC:
Oil prices settled below $77 in London, after comments from producer cartel Opec added to speculation that it might increase output.As a peaknik, I'm obviously not convinced. What this report shows, however, is that the market obviously believes that production CAN be increased by OPEC. This is actually a serious problem as it means that the market has either discounted, or is ignorant, of Peak Oil.
Brent oil, seen as the best indicator of global prices, settled 78 cents down at $76.86 per barrel in London as sweet crude settled at $74.89 in New York.
It comes a day after Opec boss Mohammed al-Hamli aired concerns about the economic impact of near-record prices.
Analysts remain unsure whether Opec is likely to change output by year end.