Oil prices eased further off record highs in Asian trade, although deep concerns remain about low supplies of heating fuel for winter in the northern hemisphere.
The benchmark New York light sweet crude contract for November delivery was at $53.25 a barrel, down from the close in New York overnight of $53.67.
The contract dipped as low as $53.01 earlier in Asian trade, and has now given up more than $2 a barrel after peaking at an all-time high of $55.33 yesterday.
However, traders and analysts believe the sell-off will only be short-term.
Data released last week showed US heating oil inventories declined by 1.2 million barrels to 50 million, raising the fear factor of a potential cold winter.
Low production in the Gulf of Mexico, which is pumping out 462,000 barrels per day less than normal owing to the impact of Hurricane Ivan, is also a concern.
AFP
