With the OPEC keeping current production quotas steady and maintaining spare capacities of 2 million barrels a day added to US inventories hitting their highest levels since 1998, oil prices have dropped to below $66 a barrel.
Light sweet crude for October delivery fell by 60 cents to $65.65 a barrel on the Nymex.
In London, Brent crude fell to a five and a half month low at $64.64 a barrel.
Heating oil futures fell to $1.8240 a gallon while gasoline dropped almost a cent to $1.6000 a gallon. Natural gas prices fell by 35 cents.
Other factors playing in the price fall are BP PLC's announcement that Prudhoe Bay production could resume by the end of October and news of Iran's possible compliance with the UN Security Council demand to freeze enrichment.
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