Oil prices slip from highs
Reuters, London
Oil prices slipped on Tuesday from highs touched after the death of Saudi Arabia's King Fahd, but nagging fears about the stability of Middle Eastern supplies cushioned the fall.US light sweet crude for September delivery fell 43 cents to $61.14 a barrel, after leaping well over a dollar to a peak of $62.30 a day earlier. London Brent crude lost 54 cents to $59.90 a barrel, after also jumping to a record high of $60.98 on Monday. Product prices also weakened ahead of the next set of U.S. inventory data on Wednesday, which was expected to show another rise in distillate stocks, including diesel and heating oil.
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