LONDON, Jan 4: Oil prices extended losses on Friday as the market paused for breath after the week’s record breaking run to 100 dollars caused by worries over tight supplies and a weak dollar, traders said.

New York’s main contract, light sweet crude for delivery in February, fell 30 cents to 98.88 dollars per barrel.

It had struck 100.09 dollars at one point on Thursday before closing at 99.18 dollars.

On Friday, Brent North Sea crude for February eased 10 cents to 97.50 dollars after reaching a record high of 98.50 dollars on Thursday.

Crude futures, which had on Wednesday hit 100 dollars for the first time, broke through the key psychological barrier on Thursday after the United States Department of Energy said US crude inventories had fallen by 4.0 million barrels last week.

It was the seventh week in a row that stockpiles had dropped.

“We suspect that after Wednesday’s spectacular run higher, markets may be in for a pause here, especially now that Thursday’s (stocks) figures did not provide enough of a spark to catapult a run off the 100 dollar mark,” said MF Global analyst Ed Meir.—AFP