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.

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.

LONDON, Oct 22, 2007 (AFP) - Global oil supplies will drop more than half by 2030 after peaking last year, an independent scientific group said in an energy report published on Monday.

'World oil production has peaked in 2006,' the German-based Energy Watch Group (EWG) said in a report unveiled in London.

'Production will start to decline at a rate of several percent per year. By 2020, and even more by 2030, global oil supply will be dramatically lower.

LONDON, Oct 22, 2007 (AFP) - Oil prices fell further from record highs on Monday, despite escalating tensions between Turkey and troubled crude producer Iraq, traders said.

Meanwhile, OPEC member Kuwait forecast lower prices next month as a result of rising output from the oil producers' cartel.

New York's main futures contract, light sweet crude for delivery in November, shed 81 cents to 87.79 dollars in early afternoon deals. The contract had struck a historic high point of 90.07 dollars on Friday.

SINGAPORE, Oct 22, 2007 (AFP) - Oil prices eased further from record highs in Asia on Monday even as tensions escalated further along the Turkish border with Iraq.

New York's key oil futures contract, light sweet crude for delivery in November, was 97 cents lower at 87.63 dollars a barrel in late morning trade.

Analysts cited profit-taking as the contract closed down 87 cents at 88.60 dollars in New York on Friday, after hitting a record 90.07 dollars earlier.

SINGAPORE, Oct 22, 2007 (AFP) - Oil prices eased further from record highs in Asia on Monday even as tensions escalated further along the Turkish border with Iraq.

New York's key oil futures contract, light sweet crude for delivery in November, was 76 cents lower at 87.84 dollars a barrel in morning trade.

Analysts cited profit-taking as the contract closed down 87 cents at 88.60 in New York on Friday after hitting a record 90.07 dollars earlier.

Brent North Sea crude for December delivery dropped 54 cents to 83.25 dollars per barrel.

NEW YORK, Oct 19, 2007 (AFP) - Oil prices ended lower Friday after striking a record high above 90 dollars in New York amid global supply jitters and lingering tensions between Turkey and crude producer Iraq, traders said.

New York's key oil futures contract, light sweet crude for delivery in November, closed down 87 cents at 88.60 dollars a barrel. But the contract had earlier surged to a record 90.07 dollars. That beat the previous high of 90.02 dollars set late Thursday.

LONDON, Oct 19, 2007 (AFP) - Scorching oil prices blazed a record-breaking trail beyond 90 dollars this week as traders fretted over the weak US dollar and geopolitical jitters in the crude-rich Middle East.

Prices were electrified by fears that a Turkish military incursion into northern Iraq could further tighten world energy supplies, analysts said.

Elsewhere, the platinum hit another all-time pinnacle owing to tight supplies, while gold traded at the highest point since 1980.

LONDON, Oct 19, 2007 (AFP) - Oil prices soared to another record high above 90 dollars per barrel on Friday amid global supply jitters and tensions between Turkey and crude producer Iraq, dealers said.

New York's main futures contract, light sweet crude for delivery in November, touched 90.07 dollars per barrel in early afternoon deals. That beat the previous high of 90.02 dollars set late on Thursday.

The contract later retreated to stand at 88.59 dollars, down 88 cents from Thursday's close.

LONDON, Oct 19, 2007 (AFP) - Oil prices soared to another record high above 90 dollars per barrel on Friday amid global supply jitters and tensions between Turkey and crude producer Iraq, dealers said.

New York's main futures contract, light sweet crude for delivery in November, touched 90.07 dollars per barrel in early afternoon deals. That beat the previous high of 90.02 dollars set late on Thursday.

London's Brent North Sea crude for December delivery was flat at 84.60 dollars after hitting a record 84.88 dollars on Thursday.

LONDON, Oct 19, 2007 (AFP) - Oil prices hit another record above 90 dollars a barrel on Friday owing to global supply jitters and heightened tensions between Turkey and Iraq, dealers said.

New York's main futures contract, light sweet crude for delivery in November, touched 90.07 dollars per barrel in early afternoon deals. That beat the previous high of 90.02 dollars set late on Thursday.

This week, crude futures have broken a series of record highs as the market also tracked the falling US dollar.

LONDON, Oct 19, 2007 (AFP) - World oil prices hovered Friday after smashing through a record high 90 dollars per barrel amid frazzled tensions between Turkey and crude producer Iraq, traders said.

New York's main futures contract, light sweet crude for delivery in November, firmed two cents to 89.49 dollars, after hitting an historic 90.02 dollars in electronic trade after the market close on Thursday.

NEW YORK, Oct 18, 2007 (AFP) - New York crude oil prices surpassed a record 90 dollars a barrel in after-hours trading Thursday as Iraq urged Turkey not to take military action against Kurdish rebels located in northern Iraq.

Traders said oil prices were also stoked higher by a weakening US dollar and global supply jitters.

'The issue seems no longer to be whether oil will reach 100 dollars per barrel, but when,' said Barclays Capital analyst Kevin Norrish.

SINGAPORE, Oct 19, 2007 (AFP) - Oil traded near 90 dollars a barrel in Asia on Friday, continuing gains partly on tensions between Turkey and Kurdish rebels in Iraq, dealers said.

New York's main oil futures contract, light sweet crude for delivery in November, was 15 cents higher at 89.62 dollars a barrel in morning trade.

The contract had jumped 2.07 dollars to a record close of 89.47 dollars a barrel in New York on Thursday.

NEW YORK, Oct 18, 2007 (AFP) - New York crude oil prices surpassed a record 90 dollars a barrel in after-hours trading Thursday following increased tensions between Turkey's government and Kurdish rebels in northern Iraq.

Traders said a weak US dollar and global supply jitters had also stoked the price surge.

The price gains in after-hours trading came after New York's main oil futures contract, light sweet crude for delivery in November, had jumped 2.07 dollars to a record close of 89.47 dollars a barrel.

NEW YORK, Oct 18, 2007 (AFP) - New York crude oil prices struck a record 90 dollars a barrel in after-hours trading Thursday amid increased tensions between Turkey's government and Kurdish rebels in northern Iraq.

Traders said a weak US dollar and supply jitters had also stoked the price surge.

The price gains in after-hours trading came after New York's main oil futures contract, light sweet crude for delivery in November, had jumped 2.07 dollars to a record close of 89.47 dollars a barrel.

NEW YORK, Oct 18, 2007 (AFP) - World oil prices sharply rebounded Thursday to new highs as traders worried about Middle East tensions, the weak US dollar and tight supplies.

New York's main futures contract, light sweet crude for delivery in November, jumped 2.07 dollars to a record close of 89.47 dollars a barrel.

In electronic trade after the close, the benchmark contract jumped to an all-time high of 89.78 dollars.

NEW YORK, Oct 18, 2007 (AFP) - New York's main oil futures contract, light sweet crude for delivery in November, hit a record 89.30 dollars in intraday trade Thursday, boosted by geopolitical and supply concerns.

The new high came a day after the benchmark contract had climbed to a record 89.00 dollars in intraday trade, before closing 21 cents lower at 87.40 dollars.

LONDON, Oct 18, 2007 (AFP) - World oil prices rebounded close to recent records on Thursday as traders tracked Middle East tensions and the weak US dollar, and warned of crude striking 100 dollars per barrel.

New York's main futures contract, light sweet crude for delivery in November, jumped 1.49 dollars to 88.89 dollars a barrel after hitting an historic 89.00 dollars exactly on Wednesday.

LONDON, Oct 18, 2007 (AFP) - The price of white metal platinum roared to another record peak on Thursday, owing to supply outages in major producer South Africa, traders said.

Platinum, used by the jewellery industry and in the manufacture of catalytic exhausts for cars, hit a record high 1,450.75 dollars an ounce on the London Platinum and Palladium Market.

Platinum also drew strength from the weak dollar which neared a record low point against the euro on Thursday. A weak US unit makes dollar-priced commodities cheaper for buyers using stronger currencies.

LONDON, Oct 18, 2007 (AFP) - World oil prices slid Thursday, one day after hitting a record high 89 dollars per barrel, as traders absorbed rising US energy reserves and geopolitical tensions in the crude-rich Middle East.

New York's main futures contract, light sweet crude for delivery in November, shed 15 cents to 87.25 dollars a barrel, after hitting an historic 89.00 dollars exactly on Wednesday.

TOKYO, Oct 18, 2007 (AFP) - The increasing use of biofuels to tackle global warming is having a dramatic impact on global commodity markets, the head of the Chicago Mercantile Exchange said Thursday.

The recent surge in crude oil and wheat prices to record highs pointed to a transformation of commodity markets, said Craig Donohue, chief executive of the world's largest financial exchange.

LONDON, Oct 18, 2007 (AFP) - World oil prices rose Thursday, one day after hitting a record high 89 dollars, as traders absorbed geopolitical tensions in the crude-rich Middle East and rising US energy reserves.

New York's main futures contract, light sweet crude for delivery in November, gained 28 cents to 87.68 dollars per barrel, after hitting 89.00 dollars exactly on Wednesday.

SINGAPORE, Oct 18, 2007 (AFP) - Oil prices eased in Asia on Thursday after US officials issued a stronger-than-expected report on energy stockpiles against the backdrop of tensions in the oil-rich Middle East.

New York's main futures contract, light sweet crude for delivery in November, was 12 cents lower at 87.28 dollars a barrel in morning trade.

After six straight sessions of rising prices in New York, the contract finished lower there on Tuesday, settling at 87.40 dollars per barrel after spiking to a new high of 89.00 dollars in intra-day trade.

NEW YORK, Oct 17, 2007 (AFP) - Oil prices lost some sizzle Wednesday after a stronger-than-expected US energy stockpiles report offset geopolitical tensions centered on the oil-rich Middle East.

New York's main futures contract, light sweet crude for delivery in November, dipped 21 cents to settle at 87.40 dollars per barrel, the first close lower after six straight sessions of rising prices.

LONDON, Oct 17, 2007 (AFP) - Oil prices jumped Wednesday to a record high 89 dollars on simmering tensions in the crude-rich Middle East that could further stretch tight global energy supplies, traders said.

New York's main futures contract, light sweet crude for delivery in November, hit an historic 89.00 dollars per barrel exactly in late afternoon deals on Wednesday.

Brent North Sea crude for December delivery rose as high as 84.43 dollars per barrel. The November contract had expired Tuesday after hitting an all-time high of 84.49 dollars.

LONDON, Oct 17, 2007 (AFP) - Oil prices touched a record high 89 dollars per barrel on Wednesday after Turkey moved closer towards a military invasion of northern Iraq.

The market was also stoked by comments from US President George W. Bush, who said he had warned world leaders they must prevent Iran from getting nuclear weapons 'if you're interested in avoiding World War III.'

LONDON, Oct 17, 2007 (AFP) - Oil prices jumped to a record high above 88 dollars on Wednesday after the Turkish parliament voted to allow its government to send troops into northern Iraq to crack down on Kurdish rebels there.

New York's main futures contract, light sweet crude for delivery in November, hit an historic 88.75 dollars per barrel following the news.

LONDON, Oct 17, 2007 (AFP) - Oil prices eased Wednesday from record peaks but held above 87 dollars as the markets feared that more unrest in producer Iraq could further stretch global supplies, dealers said.

The market was also gearing up for Wednesday's weekly snapshot of oil reserves in the United States, the world's biggest energy consumer.

Since Monday, oil prices have gained almost four dollars and threaten to breach the psychologically-important barrier of 90 dollars.

ZUG, Switzerland, Oct 17, 2007 (AFP) - Swiss mining giant Xstrata said on Wednesday it has approved a nickel mining project in New Caledonia with a local partner worth a total 3.8 billion dollars (2.7 billion euros).

Xstrata will fund around 80 percent of the investment and will receive in return the same percentage of cash-flows generated by the Konimabo mine over the next 25 years, a spokeswoman told AFP.

'The project will be funded through Xstrata's internal cash revenues and ongoing strong cash flows from the group's operations,' the company said in a statement.

LONDON, Oct 17, 2007 (AFP) - World oil prices paused Wednesday close to record peaks, holding above 87 dollars in New York, as traders feared that more unrest in crude producer Iraq could further stretch global supplies.

New York's main futures contract, light sweet crude for delivery in November, was unchanged at 87.61 dollars per barrel, after striking an historic 88.20 dollars in intraday trading on Tuesday.