Oil Prices Stabilized on Record Highs

Oil prices stabilized within sight of record highs on Tuesday after a sharp fall in U.S. fuel prices on signs that recovering refinery operations will boost inventories failed to dispel global supply concerns.

London Brent crude for September delivery, the new front-month contract, was down 13 cents to $76.16 a barrel by 0638 GMT. The August contract ended 24 cents lower on Monday after briefly rising as high as $78.40, just shy of its record at $78.65.

U.S. crude for August eased 8 cents to $74.07 a barrel, after gaining 22 cents on Monday, when it touched a new 11-month high of $74.50 despite steep losses in gasoline and heating oil prices.