London: World oil prices fell on 4 July, on profit-taking but the dip was likely to be brief amid strong concerns over low supplies of US motor fuel, traders said.
In London, Brent North Sea crude for August delivery slid 14 cents to $72.49 a barrel in electronic deals.
New York’s main oil futures contract, light sweet crude for delivery in August, lost 19 cents to $70.90 in US floor trading.
Despite slipping, crude futures remain “well supported by concerns over low gasoline inventories in the US,” Sucden analyst Andrey Kryuchenkov said.
New York crude had struck a 10-month peak of $71.06 dollars a barrel on Friday — the highest level since 28 August, 2006 — on US supply concerns.