Oil prices slip, but remain above 76 dlr

LONDON: World oil prices dipped today as traders cashed in profits after New York crude had surged close to a record close before the weekend, traders said.

In London, the price of Brent North Sea crude for September delivery slid 25 cents to USD76.01 per barrel in electronic trade.

New York's main futures contract, light sweet crude for delivery in September, fell 34 cents to USD76.68 per barrel in electronic deals before the start of floor trading.

"Crude oil futures were lower (on Monday) on profit taking following Friday's surge on the back of strong US GDP figures," said Sucden analyst Michael Davies.

"We also consider that some of the optimism about the numbers may have been soured (for the oil market)by (Friday's) weak close on Wall Street."

The US economy expanded 3.4 per cent in the second quarter, the Commerce Department said, slightly ahead of the average Wall Street estimate of 3.2 per cent.

Davies added: "The numbers calmed recent fears about the troubled (US) subprime mortgage crisis spreading to other markets and worries that oil demand growth could suffer as a result."

Prices had jumped Friday, with New York crude closing at $77.02, as the US gross domestic product (GDP) data renewed concerns about supply in the face of anticipated demand from the United States.