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Oil prices tumble from record heights

If US economic growth slows further it could be expected to weaken energy demand, particularly oil demand, according to analysts.

business Updated: May 28, 2008 09:42 IST

Oil prices tumbled further from recent record peaks on Wednesday as traders sold off positions amid growing fears about energy US energy demand, analysts said.

They said a report showing a slump in US consumer confidence, marking the largest such fall in 16 years, and a separate survey showing the housing market remains in a rut triggered fresh concerns that the US economy will slow markedly.

If US economic growth slows further it could be expected to weaken energy demand, particularly oil demand, according to analysts.

New York's main oil futures contract, light sweet crude for July delivery, dived $3.34 to close at $128.85 a barrel as demand concerns spiked.

Prices in London fell more sharply as a key futures contract, Brent North Sea crude for July, settled $4.06 lower at $128.31.

The price falls came after Brent had struck an all-time high of $135.14 and New York crude reached a record $135.09 on Thursday amid concerns about tight supplies and strong demand.