Oil prices fell below 71 dollars a barrel Thursday in response to a lack of bad news to drive oil prices higher.

Crude for September settlement closed down 1.83 dollars to 70. 06 dollars a barrel on the New York Mercantile Exchange.

Brent North Sea crude for October delivery fell 1.14 dollars to 71.69 dollars a barrel.

A ceasefire agreement in the Middle East eased concern that Middle East oil production might be cut.

OPEC said Thursday that it is unlikely to cut oil supplies for the rest of the year. Its president said member countries will try to make sure the market remains well supplied.

Source: Xinhua