LONDON, Sept 24: Oil prices dipped on Wednesday, erasing earlier gains and continuing this week’s roller-coaster ride, as traders set aside news that US crude inventories plunged last week.

New York’s main contract, light sweet crude for November delivery, fell 84 cents to 105.77 dollars per barrel.

Brent North Sea crude for November gave up 59 dollars to 102.49 dollars a barrel.

The US Department of Energy (DoE) said Wednesday that American crude oil stockpiles sank by 1.5 million barrels in the week ending Sept 19.

The DoE added that US gasoline or petrol reserves fell by 5.9 million barrels.

Crude futures tumbled almost three dollars on Tuesday on profit-taking, a day after New York crude had registered its biggest ever one-day price jump.

New York’s October contract soared a record 16.37 dollars on Monday to close at 120.92 dollars after climbing as high as 130 dollars.

Traders fear that depressed economic activity will extend into next year and lead to weaker demand for oil and so lower prices, said Macquarie’s Johnson.

—AFP