Iran: Oil Prices Below Real Value

President Mahmoud Ahmadinejad said Wednesday that crude oil prices were still below their "real value," and developed countries were benefiting the most from high oil prices, state-run Tehran radio reported.

"The global oil price has not reached its real value yet. The products derived from crude oil are sold at prices dozens of times higher than those charged by oil-producing countries," the report quoted Ahmadinejad as saying.

On Wednesday, oil futures continued to hover just under $71 a barrel amid ongoing concern about rising tension between Iran and the international community over Tehran's nuclear program.

Light, sweet crude for May delivery dropped 41 cents to $70.94 a barrel in European electronic trading on the New York Mercantile Exchange.