Page last updated at 21:30 GMT, Tuesday, 25 August 2009 22:30 UK

Oil prices fall on profit taking

oil barrels
Oil prices have hit a series of 10 month highs in recent days

The price of oil ended lower on Tuesday, falling back from an intra-day high of $75 a barrel - the highest so far this year - after profit taking.

US light crude ended the day down $2.32 to $72.05, while London's Brent dropped $2.44 to settle at $71.82.

Prices had earlier risen following figures showing an improvement in US consumer confidence.

Oil prices hit a record $147 last summer before falling to just above $30 a barrel at the start of this year.

Prices have since recovered as the global economy has pulled back from recession.

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