World oil prices fell heavily on profit taking today after climbing to four-month high points in New York
and London yesterday on a prolonged cold spell in the US northeast.
New York's main contract, light sweet crude for delivery in April, tumbled 80 cents to $50.95 dollars a barrel in early dealing. It had closed at $51.75 dollars a barrel yesterday-- the highest closing price since October 22.
In London today, the price of Brent North Sea crude oil for delivery in April dropped 71 cents to 49.35 dollars a barrel.
Meanwhile, German Chancellor Gerhard Schroeder said that rising oil prices were a threat to the global economy. 'The current prices are high which poses a danger to the world economy,' Schroeder said after delivering an address at Kuwait's Chamber of Commerce and Industry.
