Oil fell more than $1 today to below $95 after Saudi Arabia said Opec would discuss boosting oil output.
US light crude for December delivery fell as much as $1.46 in early electronic trading and was down $1.38 at $94.94 a barrel by 6.12am.
US oil struck a record high of $98.62 a barrel last Wednesday due to winter supply concerns and a falling US dollar. London Brent crude lost $1.18 to $92.00 a barrel.
Saudi Arabia, the world's top oil exporter, said yesterday the exporter group would discuss an increase in output at an upcoming meeting in an effort to cool record prices nearing $100 a barrel.
Saudi Oil Minister Ali al-Naimi did not make clear whether he was referring to an Opec heads of state meeting in Riyadh later this week or its next formal policy meeting on December 5th in Abu Dhabi.