Oil price drops under $82

Oil prices fell on Thursday on profit-taking after a freezing winter across the northern hemisphere helped push them to 14-month high points overnight, analysts said.New York's main futures contract, light sweet crude for February delivery shed 35 cents to 82.83 dollars a barrel.The US benchmark oil rose to an intraday peak of 83.52 dollars on Wednesday, its highest price since October 9, 2008.Brent North Sea crude for February delivery fell 38 cents to 81.51 dollars in London trading early on Thursday.

World oil prices dipped slightly on Friday, but held above 78 dollars per barrel, as traders digested recent disappointing economic data in leading energy consumer the United States.New York's main futures contract, light sweet crude for April delivery, dropped a marginal one cent to 78.16 dollars a barrel.London's Brent North Sea crude for April delivery fell eight cents to 76.21 dollars per barrel.

World oil prices fell slightly on Wednesday as traders awaited the weekly US energy inventories report.New York's main futures contract, light sweet crude for April delivery slid 23 cents to 78.63 dollars a barrel.London's Brent North Sea crude for April delivery reversed 22 cents to 77.03 dollars per barrel.The US government's Department of Energy (DoE) will later publish its traditional weekly snapshot of American crude inventories for the week ending February 19.

Hedge funds raised bets on U.S. natural gas by the most in more than three months as weather forecasts showed a late-January cold spell that will boost demand for the heating fuel. Money managers increased net-long positions, or wagers on rising prices, by 27 percent in the week ended Jan. 15, according to the Commodity Futures Trading Commission’s Jan. 18 Commitments of Traders report. It was the biggest weekly percentage gain since Oct. 2.

Oil prices fell further on Friday amid slumping equities and a stronger dollar caused by European debt fears and as traders awaited crucial economic data from the United States.New York's main futures contract, light sweet crude for delivery in March, lost 13 cents to 73.01 dollars a barrel.London's Brent North Sea crude for March dropped 44 cents to 71.69 dollars.Oil slumped nearly four dollars on Thursday, mirroring plunging global stock markets, as the dollar strengthened after a surprise rise in US initial weekly jobless and a deepening debt crisis in Europe.

Crude oil hit a two-year peak on Tuesday, boosted by volatile thin trade, the weak dollar and freezing weather in Europe and the United States, traders said.Brent North Sea crude for delivery in February, jumped to 93.04 dollars per barrel at about 0200 GMT. That was the highest level since October 2008.In early afternoon London trade, Brent oil stood at 92.81 dollars, up seven cents from Monday's closing level.New York's main contract, light sweet crude for February delivery, gained 15 cents to 89.52 dollars.

Oil prices on Thursday extended a rally that has been caused by a larger-than-expected drop in US energy stockpiles, traders said.New York's main futures contract, light sweet crude for delivery in February, rose 41 cents to 77.08 dollars a barrel.Brent North Sea crude for February delivery gained 23 cents to 75.68 dollars.The Christmas Eve market surge was largely driven by a fall in energy inventories in the United States -- the world's biggest consumer -- that was far larger than expected, analysts said.

World oil prices slipped on Wednesday, but held close to 87 dollars as traders geared up for the weekly energy inventories report in the United States, analysts said.New York's main contract, light sweet crude for delivery in May, dropped 34 cents to 86.50 dollars a barrel.London's Brent North Sea crude for May fell 17 cents to 85.98 dollars per barrel."The oil price is holding up well and has been defending its very high price level," said Commerzbank analyst Carsten Fritsch in a note to clients.