June 18, 2008	Wednesday	Jamadi-us-Sani 13, 1429

LONDON, June 17: Oil prices fell further on Tuesday from record highs of almost $140 that were hit a day earlier despite news of a likely output hike by Saudi Arabia.

New York’s main oil futures contract, light sweet crude for July delivery, slipped 43 cents to $134.41 per barrel in late afternoon European trading.

It had struck a record high of $139.89 on Monday as fresh supply jitters overshadowed news that Saudi Arabia was ready to raise output to help cool high energy costs that threaten global economic growth.

Brent North Sea crude for August delivery fell 94 cents to $133.72 on Tuesday, after setting a record high of $139.32 the previous day. “The worsening energy crisis may have reached a critical threshold,” Bob Doll, a director at investment manager Blackrock, was quoted as saying by Dow Jones Newswires on Tuesday.—AFP