World oil prices cooled on Tuesday, the day before a production meeting of the Organisation of Petroleum Exporting Countries (Opec).

New York's main contract, light sweet crude for delivery in July, lost 53 cents to 55.09 dollars per barrel in electronic deals.

In London, the price of Brent North Sea crude oil for delivery in July shed 68 cents to 54.10 dollars per barrel.

The retreat in prices on Tuesday "might be in a little bit of reaction to perhaps the massive increases yesterday", said Veronica Smart, analyst with the Energy Information Centre.