LONDON, Aug 2: World oil prices fell on Tuesday on profit-taking, a day after striking a historic peak above $62 in New York on supply concerns for the fourth quarter. New York’s main contract, light sweet crude for delivery in September, dropped 52 cents to $61.05 per barrel in early dealing.

The contract had struck a record intraday high of $62.30 on Monday, before reaching a new closing high of $61.57, mainly on concerns about possible fourth-quarter supply shortages owing to refinery disruptions in the United States and Europe.

In London, the price of Brent North Sea crude oil for delivery in September lost 45 cents to $59.99 on Tuesday. It had hit a record high of $60.98 per barrel on Monday. Crude futures “slipped a little lower as the market starts to focus on Wednesday’s US stocks data which is expected to show another rise in distillate stocks of about 1.8 million barrels”, analysts at the Sucden brokerage said.

“Another weekly rise in distillates would be the 11th in a row and should further calm any concerns over a shortage in supply ahead of peak distillate demand in the fourth quarter,” they added.

The death of King Fahd provided only limited support to oil prices on Monday, with the event seen as unlikely to disrupt energy production in the energy-rich kingdom. Following his death, a senior Saudi oil official told AFP that Saudi Arabia would maintain output at levels required to ensure market stability.—AFP