IEA wants US refining capacity increased

World oil prices fell on profit-taking today but losses were limited by concerns over tight supplies, as the International Energy Agency called for increases to US refining capacity.

In London, Brent North Sea crude for August delivery lost 21 cents to $71.20 per barrel in electronic deals.

New York’s main oil futures contract, light sweet crude for delivery in August, slid 86 cents to $69.82 dollars in US floor trading.