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SINGAPORE : World oil prices eased further on Tuesday, trading below 124 dollars a barrel as a firmer dollar encouraged profit-taking in a market that remains well-supported, analysts said.
New York's main oil futures contract, light sweet crude for June delivery, was 37 cents lower at 123.86 dollars from 124.23 dollars at the close of trading in New York on Monday.
The benchmark contract traded lower for most of the New York session, but struck a record intraday high of 126.40 dollars.
Brent North Sea crude for June delivery was 14 cents lower at 122.77 dollars a barrel after a drop of 2.49 dollars to 122.91 dollars on Monday.
Oil prices have more than doubled in the past year and have rocketed 25 percent since the start of the year, when they broke the 100-dollar barrier.
Analysts cite a variety of factors for the price spikes, including rising energy demand from Asian powerhouse economies China and India, a weak US dollar and OPEC's refusal to pump more crude.
Mike Fitzpatrick, an analyst at MF Global, said that with the US dollar's strengthening more recently, "it is hardly a surprise to see oil prices backing off."
A stronger greenback makes dollar-priced crude more expensive for holders of other currencies.
In Asian morning trade the euro was at 1.5515 dollars, down from 1.5542 in late New York trades on Monday, and from the record of 1.6002 dollars reached on April 22.
- AFP/vm
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