Oil prices dropped Thursday as traders took profits after U.S. crude stocks fell and drove oil futures in the previous session above US$80 a barrel for the first time ever.

Oil prices surged to a record closing high in New York overnight as traders viewed the small output hike agreed by OPEC as a token gesture that would do little to meet rising global demand.

LUKoil, Russia's leading independent crude producer, said Tuesday it expected oil prices for consumers in Western and Central Europe, whose supplies have been reduced, to increase.

World oil prices fell in Asian trade in a market fretting over underlying credit worries in the US, New York's main oil futures contract, light sweet crude for delivery in October, was 29 cents lower at 70.80 dollars per barrel.

Rosneft has bought crude oil to increase processing at its refineries.

Oil prices fell Tuesday (August 21) on worries about global stock markets. Light, sweet crude for September delivery fell 36 cents to $70.76 a barrel on the New York Mercantile Exchange, midmorning in Singapore.

Oil prices dropped Monday (August 20) on expectations a strong Atlantic hurricane will spare key oil and gas facilities in the Gulf of Mexico.

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Oil prices retreated in early Singapore trade Monday (August 6) as investors took profits after the market's record run last week, dealers said.

Global economic growth and political turbulence were the reasons for rising oil prices, while OPEC continues to work for a balanced market, a Kuwait oil ministry official said in remarks published yesterday, Kuwait Times reported.

Oil prices fell Monday as traders took profits after crude futures settled near an all-time high in the previous session. Light, sweet crude for September delivery lost 30 cents to US$76.72 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore.

U.S. average retail gasoline prices fell 17 cents per gallon as Midwest refiners recovered from recent difficulties and produced more gas, according to an industry analyst.