Oil falls below 86 dollars

SINGAPORE, Oct 23, 2007 (AFP) – World oil prices slipped further in Asia on Tuesday as worries over slowing economic growth in the United States shadowed the market, dealers said. New York’s main oil futures contract, light sweet crude for delivery in December, was 30 cents lower at 85.72 dollars a barrel.

The November contract closed in New York on Monday at 87.56 dollars after falling 1.04 dollars during the day. The contract struck a record 90.07 dollars on Friday.

The price of Brent North Sea crude for December delivery was not immediately available. In London trade on Monday the contract dipped 52 cents to settle at 83.27 dollars a barrel, off more than a dollar from its record peak of 84.88 dollars on Thursday.

Oil prices suffered as investors, worried about falls in equity markets, took profits after last week’s record highs, dealers said.

However, oil prices are expected to find support in the medium term from forecasts of increasingly tight supplies going into the peak-demand fourth quarter in the Northern hemisphere.