Oil Prices Fell On Profit Taking

Oil prices were lower in Asian trade on Thursday as investors took profit following a record-setting rally, but are expected to remain high amid tight supplies and weather concerns, dealers said.

At 3:15 pm New York’s main futures contract, light sweet crude for October delivery, was trading at 81.83 dollars a barrel, down 10 cents from its record close of 81.93 dollars in late US trades on Wednesday.

Brent North Sea crude for November delivery was down 36 cents to 78.11 dollars. It had also jumped to 78.47 dollars in intra-day trading on Wednesday, just shy of its all-time high of 78.64 dollars in August 2006.