LONDON, July 4: Oil prices fell Friday on profit-taking, a day after surging to record highs on the back of a weak dollar and concerns over tight supplies, traders said. Brent North Sea oil for August delivery slid by $1.22 to $144.86 a barrel in electronic deals. New York’s main oil contract, light sweet crude for August delivery, shed 1.19 dollars to 144.10 dollars.

On Thursday, Brent soared to a life-time peak of $146.69 a barrel.

New York crude leapt to an all-time pinnacle of $145.85 on Thursday.

“I think the uptrend is intact and supply-side concerns will really drive pricing in the coming weeks,” said Victor Shum, of Purvin and Gertz international energy consultancy.

Oil has broken a series of price records this week, continuing the momentum begun at the start of the year when it broke through $100 for the first time.

The surge has triggered fears of inflation and slower economic growth, while sparking protests around the world.

Divisions between consumer and producer countries on who to blame appeared to sharpen at the World Petroleum Congress this week, which brought together political and corporate oil bosses in Madrid.

Saudi Arabia, Opec’s leading exporter, expressed concern on Thursday about new records for benchmark crude and again said it was committed to dialogue between consumers and producers.

But those discussions show no sign of finding a solution to market tensions. Both sides cite different reasons: consumers underline supply shortage fears, while producers blame financial speculators and a falling dollar.

Oil prices, which have doubled in value over the past year, were partly driven this week by news that American crude stockpiles fell by 2.0 million barrels to stand at 299.8 million barrels in the week to June 27.—AFP