LONDON: Oil prices fell on Tuesday on profit taking after a dramatic rally overnight on expectations of higher demand for crude amid signs the ailing global economy was on the mend, traders said. New York's main contract, light sweet crude for delivery in September, fell 1.02 dollars to 70.56 dollars a barrel. In morning trading in London, Brent North Sea crude for September delivery dropped 63 cents to 72.92 dollars. Oil prices had shot higher on Monday, driven by improved economic recovery prospects and a weaker dollar, dealers said. New York crude had hit 72.20 dollars, its highest level since late June, while Brent peaked at 73.95 dollars, a level last seen on October 15. LINK