Oil prices slide close to $111 per barrel

0 Comments | AFP, August, 2008

LONDON (AFP) — World oil prices dropped close to 111 dollars on Tuesday, dragged down by worries that weaker US oil demand could spread to Europe and Japan, analysts said.

London's Brent North Sea crude for October delivery dipped 92 cents to 111.02 dollars a barrel in electronic deals.

New York's main contract, light sweet crude for September delivery, fell 88 cents to 111.99.

Crude futures sank Monday as Tropical Storm Fay looked set to spare energy facilities in the Gulf of Mexico and as the key Baku-Tbilisi-Ceyhan oil pipeline appeared ready to reopen soon.

"There's a fear in the oil market right now about some of the pretty dramatic news we've seen coming out of the United States spreading into Europe and Japan," said Dave Ernsberger, Asia...