OPEC Cuts

Crude oil fell for a second day due to the U.S. economic growth slowdown.
Any U.S. slowdown would cut demand for oil, while supply is increasing. OPEC oil production rose last month by the most since September 2004.
Crude oil for September delivery declined to $73.83 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Prices have fallen 6 percent since reaching a record $78.77 on Aug.1....
Brent crude oil for September settlement dropped to $73.35 a barrel on the ICE Futures exchange.

The 10 members of the Organization of Petroleum Exporting Countries with production quotas, all except Angola and Iraq, increased output by 85,000 barrels to 26.595 million barrels a day, according to crude based oil survey.

OPEC Cuts

The 10 countries, in an effort to maintain prices around $60, pledged to trim 1.7 million barrels a day in two rounds of cuts, one that started Nov. 1 and another that took effect Feb. 1. The 10 members pumped 27.5 million barrels a day in October.
So as mentioned the world is a ahostage to the black gold, every excuss is used by the oil companies and some goverments to keep the crude price at a level they desire...