LONDON, July 15: Oil prices fell heavily on Tuesday, erasing earlier gains, as traders feared that slower economic growth in the United States could dampen future demand.

New York’s main oil contract, light sweet crude for August delivery, dropped $1.38 to $143.80 a barrel.

London’s Brent North Sea oil for August declined $1.55 to $142.37.

Both oil contracts had hit record highs last Friday, $147.27 in New York and $147.50 in London.

Earlier on Tuesday, prices had jumped towards recent record peaks as traders reacted to the dollar striking a record low point against the European single currency.—AFP