Oil prices fall for third straight day in Asia

SINGAPORE, Oct 24, 2007 (AFP) – World oil prices fell for the third straight day in Asia on Wednesday, pulling back further from record highs reached last week. Dealers said worries about slowing economic growth have pushed aside fears about tensions between Turkey and Kurdish rebels in northern Iraq, which helped push prices sky-high last week.

In morning trade, New York’s main futures contract, light sweet crude for delivery in December, was 37 cents lower at 84.90 dollars a barrel, more than five dollars below the record high of 90.07 dollars struck last Friday.

The contract had shed 75 cents to close at 85.27 dollars a barrel in New York on Tuesday.

Brent North Sea crude for December delivery was 30 cents lower at 82.55 dollars, off its all-time peak of 84.88 reached last Thursday.