LONDON, Aug 30: World oil prices slid on Thursday as investors nervously awaited this week’s crucial speech from Federal Reserve chairman Ben Bernanke.

Brent North Sea crude for delivery in October dropped 26 cents to $112.28 a barrel in late afternoon London deals.

New York’s main contract, West Texas Intermediate (WTI) light sweet crude for October, retreated $1.53 to $93.96 a barrel.

Attention is now on a meeting of central bankers at Jackson Hole, Wyoming, where Bernanke is due to give a speech on Friday, with investors hoping he will outline plans for another round of monetary easing to kick-start the US economy.

“Crude oil prices remain in consolidation mode today, stuck in narrow ranges along with the broader commodity complex as markets continue to tread water ahead of Bernanke’s Jackson Hole speech,” said Sucden analyst Jack Pollard.

He added: “WTI’s relative weakness thus far... reflects an easing in storm damage concerns to offshore Gulf platforms following Hurricane Isaac’s landfall yesterday.” “The weather conditions should keep north Gulf production limited for the remainder of the week, though the chance of permanent damage appears to have reduced.”—AFP