Oil prices fell more than 2 per cent Monday even as oil exports from southern Iraq were reported to have been halted after further pipeline attacks.
In New York, light, sweet crude oil futures for October delivery closed down 90 cents or 2.1 per cent at $42.28 after earlier falling briefly below $42 a barrel.
That's down 14 per cent from the record closing high of $48.70, hit on Aug. 19, reports Globe and Mail.
According to the Voice of America, the fall is another in a string of losses started last week that brought oil prices down from record highs of nearly $50 a barrel.
OPEC leaders said Monday the group may increase oil production capacity by one million barrels a day toward the end of this year.
OPEC President Purnomo Yusgiantoro said the group is doing everything it can to stabilize prices, but that reduced "geopolitical tensions" are needed to reduce prices long-term.
OPEC meets next month in Vienna to consider increasing its official production quota.
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