International oil prices have dropped sharply after briefly exceeding 54 dollars a barrel on the back of concerns over tight supplies ahead of winter in the northern hemisphere.

Light sweet crude for November delivery slid 1.13 dollars to 52.51 dollars per barrel on the New York Mercantile Exchange Tuesday after rising to as high as 54.45 dollars earlier in the day.

Tuesday's fall, the first decline in six days, came as international demand for petroleum was forecast to decrease and optimistic outlooks emerged on oil inventories within the U.S.