Oil prices fell for a third day on Tuesday, on expectations of rising fuel stockpiles in the United States and after Opec vowed to pump more crude if needed. London Brent crude, currently seen as more representative of the world market, eased 16 cents to $76.70 a barrel by 0756 GMT, after falling 78 cents on Monday.
US crude slid 26 cents to $74.63 after a 90-cent slide on Monday. US crude stocks are expected to have dropped last week as refinery usage increased sharply, with refiners ramping up production to offset worries over summer fuel supplies, a preliminary Reuters poll of industry analysts showed.
Distillate fuel stocks are seen rising 800,000 barrels and gasoline by 300,000 barrels in US Energy Information Administration (EIA) data due on Wednesday, after an unexpected fall in stocks of the motor fuel the previous week. "The market was instantly down by Opec concerns, and now it is being pressured as US refiners are expected to increase refinery usage ahead of the EIA data," said Koo Ja-kyon, analyst at Korea National Oil Corp (KNOC).
Opec President Mohammed al-Hamli said on Sunday the cartel was willing to produce more oil if needed and he is concerned that high oil prices may hurt the world economy, comments that spurred a bout of profit-taking by funds on Monday.
Brent hit $78.40 last week, just off its all-time high of $78.65 last August.
A high-ranking official from Opec's research division also said a fair price for both oil producers and consumers for a barrel of oil would be around $60 to $65 a barrel. Consumer governments have called repeatedly on the Organisation of the Petroleum Exporting Countries to boost output to ease high prices. But Opec has resisted so far, saying crude supplies are more than ample.