September 13, 2006	Wednesday	Sha'aban 19, 1427

LONDON, Sept 12: World oil prices fell to the lowest points in more than five months on Tuesday as data pointed to waning demand for energy, analysts said.

Earlier on Tuesday, crude futures had rallied slightly on a technical rebound and amid renewed supply concerns over major crude producer Nigeria.

New York’s main contract, light sweet crude for delivery in October, fell 56 cents to $65.05 per barrel in pit trading.

At one point on Tuesday, it dropped to $64.81 -- the lowest point since March 27 and more than 17 per cent below its record high of $78.40 reached on July 13.

In London, Brent North Sea crude for October delivery lost 53 cents to $64.02 per barrel in electronic trading.It fell to as low as $63.75 on Tuesday -- a level last seen on March 28 and 19 per cent below its historic peak of $78.64 struck on August 7.

“The petroleum market’s run of bearish news continues today with a bearish monthly report from the International Energy Agency,” Citigroup analyst Timothy Evans said.

The International Energy Agency said on Tuesday that a hunger to consume oil products seems to be slowing after a seven-year binge.

The growth of consumption would be slightly less strong than expected this year and next, mainly in the United States and Mexico, the IEA said.

Its monthly report highlighted “a precipitous 30.0 per cent decline in the US gasoline market dragging down crude prices by 6-18 per cent”.—AFP