June 20, 2007	Wednesday	Jamadi-us-Sani 04, 1428

LONDON, June 19: World oil prices dipped on Tuesday on profit-taking but remained close to their highest levels for more than nine months because of concern about global supplies, traders said.

In London, Brent North Sea crude for August delivery fell 52 cents to $71.66 a barrel. On Monday the contract had reached $72.25, the highest point since August 28, 2006.

On Tuesday, New York’s main oil futures contract, light sweet crude for delivery in July, slipped 37 cents to $68.72 per barrel in floor trading. On Monday it struck $69.15 -- last seen on September 1.

“Oil has held onto a lot of the gains with ongoing disruptions in Nigeria,” Base Commodities analysts said.The Nigerian government made several 11th-hour proposals to avert a crippling general strike slated to start on Wednesday, partially meeting union demands, sources close to the negotiations said.

Nigeria is Africa’s biggest oil producer and the world’s sixth largest exporter, accounting for 2.6m bpd, but a quarter of this has been lost due to unrest in the volatile oil-producing south. A general strike, meanwhile, would likely affect oil exports.—AFP