VIENNA, Austria (AP) – Crude oil futures fell nearly $1 a barrel Monday in what appeared to be profit-taking following last week’s sharp advance.

Analysts said the massive jump in prices over the past two weeks defied market fundamentals, with traders appearing to ignore healthy inventory increases. Traders instead are looking ahead to the possibility of tight heating oil supplies in the fourth quarter and to the summer hurricane season, which can knock out production in the Gulf of Mexico.

Light sweet crude for July delivery slipped 98 cents to $54.05 a barrel in early afternoon trade on the New York Mercantile Exchange. Oil prices are more than 40 percent higher than a year ago.

In London, Brent crude declined by 47 cents at $53.70 a barrel on the International Petroleum Exchange.

“There’s some short-term profit taking coming into the market,” said Tim Evans, oil analyst at IFR Energy Services in New York. “It’s too soon to tell whether that trickle of selling grows into a flood.”

While prices dipped below $47 a barrel in late May due to signs of growing inventories and slowing demand growth, the market’s psychology has since flipped.

Oil prices have escalated on fears that heating oil supplies could be insufficient next winter as refiners strive now to meet strong demand for gasoline and diesel.

The Atlantic hurricane season starts this week and continues until the end of November. Traders recall that Hurricane Ivan wrecked seven oil platforms and numerous pipelines when it hit the Gulf of Mexico last year.

“The gloomy forecast for this hurricane season will put the market more on edge and will increase price volatility, even if this year doesn’t deliver a replay of Ivan’s damage,” said Houston-based Energyintel analyst John Sullivan.