LONDON, Sept 30: World oil prices fell on Friday ahead of the weekend, as jitters about the slow recovery of US Gulf Coast refineries were tempered by concern that demand may be falling, dealers said.

New York’s main contract, light sweet crude for delivery in November, shed 44 cents to $66.35 per barrel in early trading.

In London, the price of Brent North Sea crude for November delivery lost 95 cents to $62.89 per barrel.

“The crude oil and product markets were torn this week between the staggering loss of prompt product caused by Hurricanes Rita and Katrina, and gnawing worries for demand destruction going forward,” said Deutsche Bank analyst Adam Sieminski.

Richard Savage, head of commodities research at Bank of America, said that while there is ongoing concern about the supply situation, there were also fears about demand falling away.

“The market will become increasingly concerned about the slowdown in demand,” Savage said.

Markets will be looking at next week’s US inventories closely, especially as northern hemisphere winter looms, he said.—AFP