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"On the supply side, we are urging all oil producing countries to open oil markets to foreign investment, which would support faster and more efficient growth," he said in a speech in the oil-rich United Arab Emirates. New York's main oil futures contract, light sweet crude for July delivery, slipped 46 cents to 127.
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30 dollars per barrel.
The benchmark contract had closed at 127.76 dollars on Monday at the New York Mercantile Exchange.
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Brent North Sea crude for July dropped 71 cents to 127.31 dollars per barrel, after settling at 128.02 dollars on Monday in London.
Tetsu Emori, fund manager at Astmax asset management in Tokyo, said concerns over falling demand for oil worldwide would continue to weigh on the market despite positive economic data from the US. "In the near term, prices will find support at 115 dollars," he said.
Prices made a temporary rebound in later trade Monday after the publication of the Institute for Supply Management (ISM) index of manufacturing activity in the