Oil prices down by a dollar in Asian trade

SINGAPORE (AFP) — Oil prices fell by more than one dollar in Asia on Monday after supply worries helped push prices to a record high last week.

New York's main oil contract, light sweet crude for August delivery, fell 1.15 dollars to 143.93 dollars a barrel.

The contract hit an intra-day peak of 147.27 before closing at 145.08, up 3.43 dollars on the New York Mercantile Exchange Friday.

Brent North Sea oil for August delivery fell 1.17 dollars to 143.32. On Friday Brent jumped as high as 147.50, a new intra-day record, before settling up 2.46 dollars at 144.49 in London.

Investors were taking profits after last week's record surge but the decline was likely to be brief as geopolitical tensions in the oil-rich Middle East and unrest in key producer Nigeria provided underlying support, dealers said. ...