LONDON, July 24: World oil prices fell sharply on Tuesday, retreating further from near record peaks owing to an improved outlook for energy supplies, traders said. Crude futures have fallen in the wake of news over the weekend that the Organisation of the Petroleum Exporting Countries could raise its crude output to prevent runaway prices.

In London on Tuesday, Brent North Sea crude for September delivery sank $1.60 to $75.26 per barrel in electronic deals.

New York’s main oil futures contract, light sweet crude for delivery in September, plunged $1.54 to $73.35 per barrel in floor trading.

“Crude futures were lower on Tuesday, extending losses from the previous session and dipping below $76 per barrel in London,” said Sucden analyst Andrey Kryuchenkov.

“The market remains under pressure from fresh comments from Opec, with the group saying that high oil prices could be a concern.”

Opec is scheduled to meet on September 11 in Vienna, Austria, home to the 11-nation cartel’s headquarters.

“Many investors now speculate that the group might consider increasing output at its September meeting,” Kryuchenkov added.—AFP