LONDON - World oil prices fell on Tuesday a day after crude futures reached a new four-month high in New York, as jitters returned to the market over supply worries and OPEC's course of action next week.
New York's main contract, light sweet crude for delivery in April, dropped 49 cents to 53.40 dollars a barrel in electronic dealing.
It had closed up at 53.89 dollars on Monday -- its strongest finish since October 26.
In London, the price of Brent North Sea crude oil for delivery in April dropped 64 cents to 51.45 dollars a barrel on Tuesday.
Oil prices soared in New York on Monday due to large speculative buying and concerns about surging global demand, analysts said.
Earlier on Monday prices were calmed by comments from the OPEC president who said the world oil market was well supplied.
The Organisation of Petroleum Exporting Countries (OPEC) was committed to maintaining stability and adequate supplies, OPEC president Sheikh Sabah Al-Ahmed Al-Sabah said.
The comments came as the 11-nation cartel prepared to meet next week in Isfahan, Iran.
Meanwhile, traders were gearing up for the latest weekly snapshot of US inventory data.
03/08/2005 10:36 GMT