SINGAPORE, August 6, 2008 (AFP) - Oil prices fell below 119 dollars in Asian trade Wednesday on continued worries about waning demand amid signs of slowing global economic growth, dealers said.

In morning trade, New York's main contract, light sweet crude for September delivery, was off 42 cents at 118.75 dollars a barrel.

New York oil prices have slumped almost 20 percent since hitting a record high of 147.27 on July 11 due to renewed fears about the slowdown in the US economy.

London's Brent North Sea crude for September delivery was down 65 cents at 117.05.

Prices also lost support from the diminishing threat of a storm in the Gulf of Mexico, home to major oil installations.

Tropical Storm Edouard made landfall Tuesday on the Texas coast in the Gulf of Mexico. The market had initially feared Edouard would turn into a hurricane that could disrupt oil output.

The market was waiting for the release later Wednesday of the US government's weekly report on energy stockpiles.

A survey of analysts by Platts showed expectations of a decline of 1.2 million barrels of oil and a drop of 1.4 million barrels in gasoline reserves.