August 10, 2007	Friday	Rajab 25, 1428

LONDON, Aug 9: World oil prices extended losses on Thursday, falling below $70 a barrel in London for the first time since June, on worries that energy demand may weaken amid US economic woes, analysts said.

Brent North Sea crude for September delivery fell to $69.30 per barrel, the lowest level since June 13. It later stood at $69.65 per barrel, down $1.34.

New York's main futures contract, light sweet crude for delivery in September, shed $1.23 to $70.92 per barrel.

“Crude oil prices were lower as concerns over the prospect of slower oil demand persist,” Sucden analyst Michael Davies said.

Oil investors were weighing up whether the weak US sub-prime mortgage sector would lead to a drop in oil demand in the United States -- the world's biggest consumer of energy -- and even economic fallout worldwide.

There are concerns that the problems in the high-risk, or sub-prime, segment of the mortage business could spill into the broader housing market and affect more banks and investment funds exposed to US property.

World oil prices had also ended lower on Wednesday, despite a larger-than-expected decline in US crude stocks last week.

The US Department of Energy reported in a weekly snapshot that crude inventories fell by 4.1 million barrels to 340.4 million barrels for the week ended August 3.—AFP