Crude prices retreat as investors take profits

    NEW YORK, Oct. 1 (Xinhua) -- Crude futures fell sharply Monday as investors took profits.

    Oil prices surged last month on expectations of a supply shortfall in the fourth quarter as heating demand peaks in the Northern Hemisphere. On Friday, the contract rose as high as 83.76 dollars before retreating sharply.

    While the low dollar has supported energy futures in recent weeks, some analysts think market fundamentals could not support the current prices.

    Light, sweet crude for November delivery fell 1.42 dollars to settle at 80.24 dollars a barrel on the New York Mercantile Exchange.

    In London, November Brent crude fell 1.53 dollars to settle at 77.64 dollars a barrel on the ICE Futures exchange.