Oil prices fell today on profit-taking after earlier jumping by more than $3 as a huge Chinese economic stimulus package lifted energy demand expectations.
In New York, light sweet crude for December delivery slid 33 cents to $60.71 per barrel. The contract earlier bounced as high as $65.56.
In London, Brent North Sea crude for December fell 13 cents to $57.22, after touching a peak of $61.98.
China's dramatic stimulus package aimed at boosting its economy would mean greater demand for commodities including oil, dealers said.
The giant Asian nation is a major buyer of commodities and its thirst for oil imports to fuel its runaway economic growth in recent years was a key factor behind the surge in crude prices to record levels above $147 in July.
