LONDON, Oct 1: World oil prices fell further from recent record levels on Monday as traders took profits and looked to negative US economic data that could herald lower crude demand from the United States.

The price of London’s Brent North Sea crude for November delivery dipped one cent to $78.17 per barrel.

New York’s main futures contract, light sweet crude for delivery in November, shed 71 cents to $80.75 per barrel.

London Brent oil had surged to a record high $81.05 per barrel last Friday due to concerns over global oil supplies going forward. New York’s oil price hit a record $84.10 in September.

Prices began to retreat last Friday after an early spike as traders locked in gains following weak US economic data, and as stormy weather calmed in the rig-heavy US Gulf of Mexico.

“Crude futures were a little lower on Monday, extending their losses from Friday, on lingering concerns that the US economy is easing it pace,” said Sucden analyst Michael Davies.

“Although crude futures surged to new highs, fears over the credit crisis in the US and renewed concerns that high energy prices could dent growth put some pressure on global equities and oil prices, especially after poor economic data in the US last week.

“These included declining consumer confidence for September, then we saw durable goods orders falling by much more than expected in August,” Davies added.

Traders are on edge about a possible US economic slowdown because the country is the world’s biggest energy consumer after Asian powerhouse China.

However, losses on Monday were capped by concerns about the weak US dollar and tight energy supplies worldwide, traders said.—AFP