Oil Fell Below $74

Oil edged below $74 a barrel on Monday, extending the previous session's fall from a record high due to expectations of progress in talks on Iran's nuclear program.

Prices hit a record high of $75.78 on Friday before easing later in the day on profit taking. European Union foreign policy chief Javier Solana is set to meet Iranian representatives on Tuesday.

U.S. crude futures fell 49 cents to $73.60 a barrel by 1055 GMT, while London Brent crude was down 71 cents to $72.80, having touched a record peak of $75.09 on Friday.