High oil prices starting to bite

WORLD oil prices fell mid-week on unexpected news of increased stocks of crude and transportation fuels in the United States after earlier touching a new record of nearly US$61 per barrel.

The three-day drop of more than US$3 per barrel, from Monday’s new record of US$60.95, was halted on Thursday, when US crude held above US$57 per barrel.

US crude gained 19 cents to US$57.