Oil prices drops close to $68

0 Comments | AFP, June, 2009

LONDON (AFP) — Oil prices dropped to near 68 dollars on Monday as traders took profits following recent gains, analysts said.

New York's main futures contract, light sweet crude for delivery in July, slid 1.22 dollars to 68.33 dollars a barrel. The contract expires later Monday.

Brent North Sea crude for August fell 1.02 dollars to 68.17 dollars.

Oil prices were due for a correction after breaching the 72-dollar mark last week on concerns they were rising far ahead of a recovery in the ailing global economy, said Victor Shum, an analyst with energy consultancy Purvin and Getz.

"A price correction in oil is long overdue and the US dollar stabilisation (will) continue to put pressure on oil," said Shum.

The dollar traded in a tight range on Monday ahead...