LONDON, Sept 25: Oil prices pulled lower on Thursday on falling demand for crude in the United States, the world’s biggest consumer of energy, amid a global economic slowdown, traders said.

New York’s main contract, light sweet crude for November delivery, dropped 19 cents to $105.54 a barrel.

Brent North Sea crude for November delivery also shed 19 cents to $102.26 a barrel.

The market trimmed earlier losses on Thursday as market participants monitored the progress of a huge US rescue plan for the battered financial sector.

Sucden analyst Michael Davies added: “Oil was lower with markets still under pressure from concerns about lower demand growth, especially while the US government’s bailout plan remains uncertain.”

Crude prices had ended slightly lower on Wednesday after the US government reported a sharp drop in consumption, stoking worries about energy demand.

Americans on average consumed 19.5 million barrels of oil a day over the past four weeks, down 5.3 per cent from the same period a year ago, the Department of Energy said in a report.—AFP