LONDON — World oil prices fell yesterday on profit-taking following recent gains which saw New York and Brent crude hit three-month highs, analysts said. Brent North Sea crude for delivery in October dropped $1.27 to $114 a barrel. New York’s main contract, West Texas Intermediate light sweet crude for September, slipped 39 cents to $95.21 a barrel. Prices reached the highest levels since May on encouraging economic figures in top crude consumer the US, traders said.
New York hit $95.69 a barrel and Brent $117.03 — although the Brent price was for its September contract which expired at the close of trading last Thursday. “Brent has fallen... and is thus priced three dollars lower than at close of trading yesterday,” said analysts. The drop in price is largely the result of the contract rollover. The October contract, which from today represents the reference price, was trading $2.5 lower than the September contract at the time of the rollover. — AFP
