SINGAPORE: World oil prices fell in Asian trade Tuesday on concerns a global recession will hurt energy demand, dealers said. New York's main contract, light sweet crude for December delivery fell 89 cents to 62.33 dollars a barrel. In Monday trades, the New York contract dipped to 61.30 dollars at one point, a level last seen in May 2007. Brent North Sea crude for December delivery dropped 1.28 dollars to 60.13 dollars. The contract sank below the 60-dollar level Monday to as low as 59.02 dollars, its lowest point since February 2007. The falls in oil prices mirrored a similar situation in equity markets with major stock indices taking huge falls as investors fled for safety, worried about the prospects of a global recession. Investors remain jittery despite a pledge by the Group of Seven major economies to cooperate to bring stability to the global financial markets. "Prices are more or less tracking the movements of global equity markets at the moment as participants view the indices as a gauge for economic conditions and hence an indicator for future oil demand," said an analyst. Crude prices have slumped almost 60 percent since striking a record high above 147 dollars in July as global economic conditions deteriorated, triggered in large part by the US financial crisis.
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