Oil skids about $3 on OPEC comments
Cartel president says there is adequate supply and prices are much too high.
NEW YORK (CNNMoney.com) -- Oil prices briefly fell below $121 a barrel on a big slide Tuesday after OPEC's president said crude prices were abnormally high and many investors continued to bet that the fundamentals of the market will push oil down.
"If the dollar continues to strengthen and the political situation [with Iran] improves, then the long-term prices will be about 78 dollars (a barrel)," said Khelil, according to reports.