Oil declined to a two-week low as Saudi Arabia was said to be taking action to lower prices and increasing concern that an economic slowdown will curb demand.
Oil fell for a second day as a Persian Gulf official said Saudi Arabia is pumping about 10 million barrels a day and will produce more if customers demand it.
Prices tumbled 2.4 percent yesterday, at one point dropping 3 dollars in less than a minute on a surge in volume.
At the end of today the price was down 1 dollar 33 cents or 1.4 percent, to 95 dollars 29 cents a barrel on the New York Mercantile Exchange, the lowest settlement since August 30.
The two-day decline was 3.7 percent.
Prices are down 3.6 percent this year.
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