Oil continues to decline because of concerns about the economic performance.

Oil prices continued to drop during afternoon trading today, as record crude type of West Texas light, for delivery in August 71.38 dollars, down 76 cents from the closing price last Friday.
Register and North Sea Brent crude for delivery in August this year amounting to 71.06 dollars, down 59 cents from the price last Friday. Traders attributed the drop in oil prices to fears of a decline in performance of the economy in the United States and China , as well as forecasts of lower demand of India for purchase of crude oil during the remainder of the year. In Vienna , the Secretariat General of the Organization of Petroleum Exporting Countries (OPEC ) announced today that the average price of a barrel of crude produced by Member States Register last Friday, 69.63 dollars , compared with 70.48 dollars on Thursday.