Increasingly grim global economic news and the prospects for even weaker demand for energy pulled world oil prices lower on Thursday, analysts said.

New York`s main futures contract, light sweet crude for December delivery, dropped 80 cents to 52.82 dollars a barrel, on top of a 77-cent drop Wednesday at the New York Mercantile Exchange.

Oil prices dropped on Wednesday, with Brent crude falling close to 50 dollars a barrel, as weak energy demand and the global credit crunch pressured the market.

Russia`s second largest oil group Lukoil is in advanced negotiations with Repsol YPF to buy 30 percent of the Spanish-Argentine company in a deal worth 9.0 billion euros, Spanish national radio said Wednesday.

Oil prices dropped on Wednesday, with Brent crude falling close to 50 dollars a barrel, as weak energy demand continued to plague the market, traders said.

Brent North Sea crude for delivery in January was down seven cents at 51.77 dollars a barrel in late afternoon trade on London`s InterContinental Exchange (ICE). Earlier it touched 50.61 dollars.

Oil prices dropped on Wednesday, with Brent crude falling close to 50 dollars a barrel, as demand for energy weakens worldwide and as the market awaits data on the health of US crude stockpiles.

Brent North Sea crude for delivery in January was down 82 cents at 51.02 dollars a barrel in morning trade on London`s InterContinental Exchange (ICE).

Oil prices dropped on Wednesday, with Brent crude falling close to 50 dollars a barrel, as demand for energy weakens worldwide and as the market awaits data on the health of US crude stockpiles.

Brent North Sea crude for delivery in January was down 82 cents at 51.02 dollars a barrel in morning trade on London`s InterContinental Exchange (ICE).

World oil prices held steady on Wednesday at their lowest levels in about 22 months but analysts said they will drop even lower because of worries over falling energy demand.

World oil prices held steady on Wednesday at their lowest levels in about 22 months but analysts said they will drop even lower because of worries over falling energy demand.

Oil prices fell in Asia on Monday after hopes for an OPEC production cut later this month were dashed while grim economic news mounted, analysts said.

New York`s main futures contract, light sweet crude for delivery in December, dropped 1.26 dollars to 55.78 dollars a barrel after falling 1.20 dollars to close at 57.04 on Friday at the New York Mercantile Exchange.

RIYADH, Nov 17, 2007 (AFP) - Venezuelan President Hugo Chavez opened an OPEC summit on Saturday with a chilling warning about 200-dollar oil if the United States attacks Iran in a speech that also urged the cartel to be more political.

But internal divisions about the role of the oil exporters' group were highlighted when King Abdullah of Saudi Arabia, OPEC kingpin and key US regional ally, sounded a moderate note, saying oil 'must not become an instrument for conflict.'