LONDON, Oct 10: Oil prices slumped on Friday to one-year lows under $80 per barrel, striking $75 in London, amid a global equities meltdown that sparked fears over demand for energy, traders said.

The International Energy Agency (IEA) also warned that the threat of recession and the ongoing financial crisis would erode oil demand and set back investment in new oilfields.

Brent North Sea crude for November plunged as low as $75 -- which was last witnessed on October 12, 2007 -- as traders responded to renewed heavy falls on world stock markets.

The contract later stood at $76.56 a barrel, down $6.10 from Thursday. On Friday, New York’s main contract, light sweet crude for delivery in November, plumbed a one-year low of $78.61 a barrel. It later stood at $79.96, down $6.63 from Thursday.

The sharp falls came despite news that Opec will hold an emergency meeting next month on the impact of the markets crisis -- amid speculation that the crude producers’ cartel could cut output to safeguard precious oil revenues.—AFP