September 23, 2006	Saturday	Sha'aban 29, 1427

LONDON, Sept 22: World oil prices shed earlier gains on Friday on easing global supply worries and held close to recent six-month low points, dealers said.

New York's main contract, light sweet crude for delivery in November, slid 64 cents to $60.95 per barrel in pit trading.

In London, Brent North Sea crude for November delivery shed 56 cents to $60.78 per barrel in electronic deals.

Crude futures had staged a modest rebound on Thursday and earlier on Friday after ducking under $60 per barrel in New York on Wednesday for the first time in six months.

“It seems that the market has found support around $60 a barrel and is consolidating before the next major move,” said Michael Davies, an analyst with the Sucden brokerage in London.

He added: “There is at the moment little bullish fundamental data to support (higher prices) as the supply and geopolitical situation continue to remain less of a concern.” Iranian President Mahmoud Ahmadinejad had said on Thursday that talks on his country's nuclear programme were “on the right path” and also insisted that Tehran did not need an atomic bomb.

With new pressure mounting as Washington and its allies seek progress in efforts to reach a negotiated settlement with the Tehran government, Ahmadinejad's comments at the UN headquarters injected a note of moderation into the diplomatic battle.

In recent weeks, oil prices have slumped on easing tensions over major crude producer Iran, fading supply worries, a mild Atlantic hurricane season and oil cartel Opec's pledge to maintain output, analysts said.

New York crude had hit $59.80 on Wednesday — seen March 21 — marking a 24 per cent plunge from its record high $78.40 which was struck last July.

London Brent fell as low as $60.31 on Wednesday — a level last hit on March 9.—AFP