London Brent oil price nears record level

LONDON: London Brent crude oil on Tuesday held close to its historic record, struck the previous day after energy major BP began closing the biggest oil field in the United States following a pipeline leak.

Brent North Sea crude for September delivery eased seven cents to 78.23 dollars per barrel in electronic trading on Tuesday -- not far from its new all-time peak of 78.64 dollars set on Monday.

New York's main contract, light sweet crude for delivery in September, dropped just two cents to 76.97 dollars per barrel in electronic deals on Tuesday before the official opening of the US market.

The contract remains under its historic record of 78.40 dollars per barrel reached in mid-July as violence escalated in the Middle East.