Oil prices fell on Monday as investors sought to lock in profits and as top exporter Saudi Arabia reassured consumers of its plans to boost supply. US light crude for May delivery was trading 62 cents lower at $101.22 a barrel by 1120 GMT, after hitting an intraday low of $100.02 London Brent crude dropped 27 cents to $100.43. US crude has fallen from a record high of $111.80 struck on March 17 as investors have fled from commodities on fear that gains had been overdone and that economic slowdown in the United States, the world's top consumer, might hit oil demand. “We suspect that the correction in commodities still has some ways to go, and we could push somewhat lower from here,” Edward Meir with MF Global said in a research note. Even before a $5 plunge in prices on Thursday, speculators cut their long positions for the week to Tuesday last week, the US Commodity Futures Trading Commission said on Friday. The fall came as many speculators sold energy positions to deleverage portfolios and raise cash to meet margin calls stemming from turmoil in global capital markets. The market also reacted to comments from Saudi Arabia, which said on Sunday it was working to expand its oil production and refinery capacity in order to maintain world economic growth. “The Kingdom will work with OPEC countries, other producers and consuming countries towards oil market stability.” __
