April 02, 2008	Wednesday	Rabi-ul-Awwal 24, 1429

LONDON, April 1: World oil prices slid under $100 per barrel on Tuesday, extending recent sharp losses on mounting concerns that slowing global growth could dampen energy demand, traders said.

New York’s main oil contract, light sweet crude for delivery in May, lost 72 cents to reach $100.88 per barrel after earlier touching as low as $99.55.

London’s Brent North Sea crude for May fell 39 cents to $99.91 per barrel on Tuesday. It earlier tumbled as low as $98.99.

On Monday, New York crude had slumped by $4.04 and London Brent had dived by $3.47.

“Market participants still remain concerned over slowing fuel demand in the US, with figures last week showing US oil demand over the last four weeks averaging around 2.2 per cent lower than one year ago,” said Sucden analyst Andrey Kryuchenkov.

“It seems that consumers are starting to feel record high petrol prices and refineries are cutting down on their production due to slipping profit margins.”

Crude oil prices have fallen since Friday when the US government confirmed that the world’s largest economy grew by a tepid 0.6pc in the 4th quarter last year.

Economic momentum slowed despite the US Federal Reserve’s interest rate cuts. Since September, Fed policymakers have slashed the short-term federal funds rate to 2.25pc from 5.25 per cent in a bid to shore up growth.

“Oil pricing has pulled back due to profit taking at the end of the first quarter” on Monday, said Victor Shum, senior principal at Purvin and Gertz energy consultancy in Singapore.—AFP