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Oil prices eased Thursday on profit-taking after soaring as high as 82 dollars per barrel on the back of sliding US energy reserves and a weak greenback, traders said.
New York's main contract, light sweet crude for December delivery, fell 18 cents to end at 81.19 dollars a barrel after touching 82.00 dollars on Wednesday -- a level last seen on October 14, 2008.
London's Brent North Sea crude for December delivery also lost 18 cents to end at 79.51 dollars, after reaching a high of 80.26 the previous day.
"There has been considerable volatility during the day," said analyst Jason Schenker of Prestige Economics, adding that profit taking continued to grip the market since the rapid price jump Wednesday.
He said there was a potential for higher prices in the near-term.
"With the market on a bull run, only negative economic growth data are likely to conclusively halt a further run higher," Schenker said.
The US economy is expected to post its first growth in a year in the third quarter of 2009 following a recession that began in December 2007, analysts say.
Both the oil contracts had jumped Wednesday following a drop in US energy stocks, which was seen as a sign of improved demand in the world's biggest energy user.
Data released the Department of Energy showed US gasoline reserves sank by 2.3 million barrels in the week to October 16. That was more than the 800,000 barrel drop expected by most analysts.
Oil has been rising steadily in recent days, fuelled by a weak US currency, which makes dollar-priced crude cheaper for holders of stronger foreign units.
But there are doubts on whether oil prices can be sustained at current levels given the fragile state of the global economy, despite some signs of a recovery.
"Now as oil prices go above 80 dollars, OPEC is worried what may happen to demand," said analyst Phil Flynn of PFG Best.
OPEC secretary general Abdalla Salem El-Badri said in London Thursday that that the cartel would consider ramping up crude oil production at its next meeting in December if key conditions are met.
The cartel "will not hesitate to increase its production in December", he told reporters, adding the decision was dependent on higher oil prices, improving economic growth and no floating storage of crude.
The 12-nation Organization of Petroleum Exporting Countries (OPEC), whose members pump 40 percent of the world's crude oil supplies, will hold their next meeting in Luanda, Angola, on December 22.
Oil prices tumbled from historic highs of more than 147 dollars in July 2008 to about 32 dollars in December because of the global recession but have since risen on hopes of recovery.
