Oil prices fell on today as traders banked profits following a week in which crude futures have won support from increased signs of economic recovery.
New York?s main contract, light sweet crude for October delivery, dropped 12 cents to USD 71.64 a barrel.
Brent North Sea crude for October delivery dipped eight cents to USD 69.78 a barrel in London trade.
With prices falling on today, one analyst predicted further losses ahead.
?We continue to believe that the downside risk is higher than the upside risk from the current price levels for the coming months? amid strong supplies, Torbjorn Kjus, oil analyst for DnB NOR Markets, said in a report.
The Organisation of Petroleum Exporting Countries (OPEC) yesterday decided to maintain its production levels as it deemed the market to be ?oversupplied?.
The global economic downturn has sapped demand for energy, dragging crude prices from record highs of above USD 147 in July 2008 to USD 32.40 in December. They have since recovered to hover around USD 70.
Oil prices had edged up on yesterday amid a weakening dollar and falling crude inventories in the United States, the world?s largest oil-consuming nation.
Market sentiment was also boosted by International Energy Agency forecasts of higher global oil demand.