LONDON, March 7: World oil prices fell on Monday amid profit-taking and calming comments from the Opec president, after surging last week on frenzied speculative buying, dealers said.

New York's main contract, light sweet crude for delivery in April, fell 58 cents to $53.20 a barrel in early deals. It had surged by as much as $2.15 to $55.20 a barrel last Thursday - a level approaching the all-time high of $55.67 hit on October 25.

In London, the price of Brent North Sea crude oil for delivery in April dropped 55 cents to $51.25 a barrel on Monday. It had reached a new record on Thursday after soaring at one point by $1.78 to $53.

"It is just some profit-taking and comments from the Opec president" which is pushing prices downwards, said Investec analyst Bruce Evers. The 11-member oil cartel was committed to maintaining stability and adequate supplies, Sheikh Sabah Al-Ahmed Al-Sabah said on Monday.

The organization had watched the Opec reference basket price of oil rise by more than $8.5 a barrel since February 8 to $48.36 on Friday, he said in a statement. "Opec is concerned about this price development despite the fact that the market is well supplied and global crude oil stocks have continued to build, now standing above their five-year average.

"Opec is committed to maintaining stability and ensuring that global markets remain well supplied at all times," the statement said. "Towards this end, Opec has increased production levels three times during 2004.

"Currently the organization is producing around 29.5 million barrels per day which has ensured that demand is fully met." Analysts said the comments were meant to calm the market after prices rocketed on Thursday on speculative buying that was sparked by concern over tight supplies and strong global demand. -AFP