October 06, 2007	Saturday	Ramazan 23, 1428

LONDON, Oct 5: World oil prices fell on profit-taking on Friday, traders said, after rallying a day earlier amid tight energy supplies ahead of the northern hemisphere winter, when demand for heating fuel peaks.

New York’s main futures contract, light sweet crude for delivery in November, lost 69 cents to $80.75 per barrel.

In London, the price of Brent North Sea crude for November delivery shed 27 cents to $78.70 per barrel.

Crude futures had closed up almost two dollars on Thursday.

MF Global analyst Ed Meir said traders would be looking to push prices lower over the next few weeks, “especially if the hurricane window starts to wind down.”

The seasonal hurricane season last month disrupted output at rigs in the Gulf of Mexico, which in turn hit refinery production.

Despite prices falling on Friday, losses were limited by tight US energy supplies.

“Traders are starting to worry about the heating oil inventory in the US market,” said Victor Shum, an analyst with energy consultancy Purvin and Gertz.

—AFP