Oil prices dipped a little Thursday due to a fall in stocks, however still hovering above $72 per barrel.

Crude for October delivery plunged to $72.47 per barrel, representing a fall of 4 cents.

On Wednesday Dow industrials soared by around 50 per cent, while the S&P 500 jumped by 58 per cent, after touching lowest in March in the last 12 years.

One of the main reasons of dropping prices is that production of crude oil is outpacing its consumption.

Economist Chris Lafakis said that OPEC ministers are surprised to see that oil prices are dropping even after making cuts in Supply.

Chris Lafakis further said, "The ministers are surprised but they're thinking, 'We don't have to bring down inventories to increase prices because investors are already willing to pay the price."

According to the projections made by Economy. com crude oil will settle at about $67.23 per barrel in the fourth quarter of 2009 and will jump up to $83.81 by the fourth quarter of next year.

However, a number of economists are of the view that oil prices will remain between $70 and $75 per barrel and will not cross either side in the recent future.