OPEC: High and volatile prices may be new norm

High and volatile crude costs may signal "a new price era," a senior OPEC official said, insisting that the 11-nation cartel is doing all it can to bring prices down to more reasonable levels. OPEC acting secretary-general Mohammed Barkindo defended the group's decision to keep its production target steady at 28 million barrels a day. OPEC made clear that it would keep close tabs on prices, which have recently fallen to five-month lows, and consider a cut in output quotas this year.

The comments came as oil prices fell almost 3% yesterday, dropping below $64 a barrel as worldwide demand and supply threats ease. After a seven-day sell-off, crude futures are at their lowest since late March.

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