October 25, 2007	Thursday	Shawwal 12, 1428

LONDON, Oct 24: World oil prices fell on Wednesday, with New York crude below $85 a barrel for the first time since mid-October, as the market expected official data to reveal a rise in US energy inventories.

New York’s main futures contract, light sweet crude for delivery in December, slid 33 cents to $84.94. The November contract had struck a historic high of $90.07 last Friday.

Elsewhere on Wednesday, London’s Brent North Sea crude for December delivery shed 15 cents to stand at $82.70 per barrel, after hitting a record peak of $84.88 last Thursday.

“The rapid ascent of oil prices over the last week or so warrants a period of consolidation which we are undoubtedly witnessing,” Bank of Ireland analyst Paul Harris said.

Prices could fall further later Wednesday if US government data on energy inventories mirrors analyst forecasts. Experts are predicting that stockpiles of US crude rose by 960,000 barrels last week — news which would ease supply concerns.—AFP