Oil falls below $70
Oil prices fell below $70 a barrel today in Asia as investors shrugged off a looming OPEC production cut after company forecasts suggested the US may be headed for a severe economic slowdown that crimps crude demand.
Oil prices won't fall below $60 to $70 a barrel as this is the minimum level at which alternative fuels are economically viable, Saudi Oil Minister Ali al-Naimi said in remarks published on Sunday by Algeria's APS news agency.