March 29, 2008	Saturday	Rabi-ul-Awwal 20, 1429

LONDON, March 28: Oil prices fell heavily on Friday on renewed concern that a slowdown in the US economy would dampen energy demand and on news that damage to an Iraqi pipeline was not as serious as first thought, analysts said.

New York crude dropped under $106 a barrel, a day after spiking above $107 when it was announced that saboteurs had attacked a pipeline in Iraq, which heightened concerns over tight global supplies of energy.

On Friday, New York’s main oil contract, light sweet crude for delivery in May, slumped $1.73 to $105.85 per barrel.

London’s Brent North Sea crude for May shed $1.06 to $103.94.

“Oil futures slid as markets once again refocused on US economic concerns as it was suggested that oil flow through the damaged Iraqi pipeline may be almost back to normal,” said Sucden analyst Michael Davies.

“Despite the speedy turnaround, it remains clear that markets will remain nervous that we could see more disruptions in the region following the explosion of fighting in the area,” he added.—AFP