LONDON, Nov 17: Oil prices nudged downwards on Monday as dealers took some profits following strong gains the previous week on the back of worries about Iraq and terrorism.

The price of Brent North Sea crude oil for January delivery fell 30 cents to $29.26 per barrel.

New York’s reference light sweet crude December contract lost 40 cents to $31.97 per barrel.

Oil prices had risen last week due to fears that increased violence in Iraq could derail efforts to get the country’s oil exports flowing, as well as more general terrorism worries.

Monday’s falls came despite the death of 17 more American soldiers at the weekend when two Blackhawk helicopters collided over the northern Iraqi city of Mosul.

Also, suicide bombs ripped through two synagogues in Istanbul during Sabbath prayers on Saturday, killing 24 people and injuring 300.

“Oil prices don’t seem to be reacting to any news whatsoever,” said Prudential Bache analyst Tony Machacek of the weekend’s event.“The market is pretty much at the upper end of its recent range. We are just seeing a natural profit-taking retracement.”

Also on Monday, a leading oil think tank raised the prospect of a possible production cut by members of industry cartel Opec early next year to support prices.

Oil prices for a basket of crudes are currently hovering near the peak of the agreed $22-28 per barrel band set by the Organization of Petroleum Exporting Countries (Opec).—AFP