September 25, 2007	Tuesday	Ramazan 12, 1428

LONDON, Sept 24: The price of New York crude sank on Monday but held above $81 per barrel as concerns lingered over stretched global energy supplies, traders said.

Elsewhere, a top official with the International Energy Agency (IEA) warned there was “a strong likelihood” that short- and medium-term oil prices would remain high, citing demand-supply tensions and robust growth in China and India.

In Monday trade, New York’s main futures contract, light sweet crude for delivery in November, slid 47 cents to $81.15 per barrel.

The price of Brent North Sea crude for November delivery shed 36 cents to $78.94 per barrel in London trade.

“Oil prices continue to pull back from last week’s highs,” said Barclays Capital analyst Kevin Norrish.

“The price decline does not in our view represent any significant change in underlying market fundamentals, which are continuing to tighten.” Last Thursday, New York oil prices hit $84.10 -- an all-time peak -- on fears that a storm could threaten facilities in the Gulf of Mexico and because of tight supplies in key energy consumer the United States.

Brent crude, meanwhile, struck a record high $79.94 per barrel on Friday.—AFP