Oil prices hit seven-week lows under 73 dollars

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World oil prices slumped to seven-week lows close to 72 dollars Tuesday on rising concerns about a weak economic recovery which was roiling financial markets, analysts said.

New York's main contract, light sweet crude for October delivery, slid 87 cents to 72.23 dollars a barrel as it fell for the fifth session in a row.

Brent North Sea crude for October shed 76 cents to 72.86 dollars in London trade.

"The shaky global economy continues to put pressure on crude prices," said Victor Shum, analyst at Purvin and Gertz energy consultants.

The Singapore-based analyst added that prices were dragged down by tumbling equities.

Crude futures had begun the week lower on persistant worries that weakening growth in the United States could curtail energy demand, traders said.

© 2010 AFP

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