U.S. light crude oil for October delivery dropped $1.19 to $65.06 a barrel by 1552 GMT, rebounding slightly from an intraday low of $64.85, the lowest since March 28.
The market's six-day slide is the longest daily losing streak for crude in nearly three years.
London Brent crude fell $1.23 to $64.10.
The Organization of the Petroleum Exporting Countries (OPEC) decided to keep current production limits unchanged at 28 million barrels per day, but left the door open to a supply cut before the end of the year.
"There is no need to cut now but if there is a deterioration in the global economy and prices fall quickly, then we will need a meeting before December," Algerian Energy and Mining Minister Chakib Khelil told Reuters after Monday's talks.
For a year, OPEC has been pumping close to its fastest rate for 25 years to guard against price shocks and ease pressure on consumer economies. But forecasts that demand for OPEC oil will decline in 2007 are beginning to worry some in the group that pumps a third of the world's oil.
Saudi Oil Minister Ali Al-Naimi, OPEC's most influential voice, sought to calm those fears saying oil demand would remain healthy next year.
"Market fundamentals are very sound," he told reporters. "We are beginning to see a slight decrease in economic growth, very slight ... It is nothing alarming."
Some analysts predicted that prices have peaked.
"Although risks remain, we now think that the $80 peak we had called is indeed the peak and that the ebb of crude oil and refined products prices has started," said Morgan Stanley in a research note.
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