LONDON (AFP) - World oil prices dipped slightly on Tuesday in choppy deals as traders banked profits, one day after New York crude had soared more than 16 dollars for its biggest-ever daily jump. The massive price surge on Monday was driven partly by hopes that a US plan to buy tainted mortgage-related assets would save the global economy from collapse and thus maintain strong demand for energy, dealers said. The rally was also driven by technical factors because the contract for New York oil deliverable in Oct had expired on Monday. On Tuesday, New York's new main contract, light sweet crude for November delivery, shed 2.10 dollars to 107.27 dollars a barrel. The separate Oct contract had soared $16.37 a barrel to close at 120.92 on Monday after hitting an intra-day high point of $130. On Tuesday it fell back to $120.92. Oil had also been buoyed by the weak US currency, which makes dollar-priced oil cheaper for buyers using stronger currencies, stimulating demand. Monday's price surge in New York exceeded the previous record one-day rise of $10.75 on June 6. Elsewhere on Tuesday, Brent North Sea crude for November delivery dived 2.26 dollars to 103.78 dollars a barrel, after jumping by 6.43 dollars on Monday. "Oil was lower (on Tuesday), correcting after yesterday's meteoric and historic rise, with concerns about the US toxic debt bailout plan growing," said Michael Davies at the Sucden brokerage in London. "There are many, including us, who feel that the optimism we have seen since news of the plan broke last Thursday is unfounded. "The US plans are still far from certain and will not help the damage to the real economy already done by the recent turmoil, which we are yet to see. "Also, the longer the plans take to be finalized, the more uncertainty will grow, with many expecting no outcome until next week as policy makers argue over the proposal," added Davies. Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson were to address US Congress on Tuesday, hoping to convince lawmakers to back a government offer of 700 billion dollars to fight a global financial crisis. Crude prices remain far below record highs of above 147 dollars seen in early July, when a tumbling dollar and supply concerns sent crude futures rocketing. Clarence Chu, a trader with energy brokerage Hudson Capital Group in Singapore, said Tuesday that he expected prices to remain above 100 dollars in the short term. "While the economy is not doing well ... there's still a lot of factors" supporting prices, he said, citing continuing tight energy supplies and geopolitical tensions in certain crude producing nations. "I can't see in the next few weeks prices going back down to 90 (dollars) ... but prices tend to be news-driven and a lot of times people tend to over-react," added Chu. Oil prices got a boost late last week from news of a massive US plan to bail out the sinking financial sector following the collapse of investment bank Lehman Brothers and the government's loan to insurance giant AIG.