Oil prices took a moderate fall today, dragged down by selling by a major European oil company and weak equities markets, dealers said.
International benchmark Brent crude futures for August delivery were 47 cents weaker at $25.26 a barrel in London trade. US light crude lost 49 cents to $26.31.
Oil prices are falling from six-week highs reached last week, supported mostly by US fund buying.
Traders said the market took a hit after a European major sold August crude because the later months are less expensive, while a lack of interest by funds had injected a bearish mood into the oil market.
Stock markets have taken a hammering since revelations of accounting irregularities in major companies rocked investors' confidence, adding to negative sentiment in oil prices.
The market took little notice when Qatari Oil Minister Mr Abdullah al-Attiyah said he did not expect OPEC to ease its strict output curbs when cartel ministers meet in September to determine the group's output policy for the fourth quarter of 2002.
"I don't think there is a shortage of oil. In fact there is more supply (than demand) in the market," Mr Attiyah told reporters in Doha. "Prices are stable."
"I don't think we are going to increase production in September," added Mr Attiyah, who has said he would like to see OPEC's current output curbs continue until the end of the year.
The Organisation of the Petroleum Exporting Countries agreed in June to keep its strict oil output curbs unchanged for the third quarter of 2002.