Friday, April 21 2006 11:25 Hrs (IST) - World Time -

New York: Crude oil prices today (Apr 21, 2006) fell on global markets on profit taking after briefly hitting historic peaks above 74.00 dollars a barrel in London and 72.00 dollars in New York.

New York's benchmark contract for light sweet crude for May delivery hit an all-time peak of 72.49 dollars per barrel but then settled back to close at 71.95 dollars, down 22 cents from yesterday's close.

In London, the price of Brent North Sea crude for June delivery hit a record high of 74.22 dollars per barrel. Just before the close, the contract was down 67 cents at 73.06.

The markets paused after strong rallies in the past few days amid concerns about low stocks of gasoline in the United States and tensions over Iran's nuclear program, dealers said.

"There is no obscuring the big picture of rapidly dwindling (gasoline) stock levels, accelerating demand and the growing likelihood of a supply crunch in the not too distant future," Barclays Capital analyst Kevin Norrish said.

"Geopolitical tensions also continue to prove a key driver behind the strength in oil prices." He said.