Oil prices continue lower

SINGAPORE: Oil prices continued lower Thursday on fears of slowing world energy demand despite government efforts to bail out the ailing global financial system, analysts said.

New York's main contract, light sweet crude for delivery in November, fell 63 cents to 88.32 dollars a barrel after a drop of 1.11 dollars to 88.95 dollars Wednesday at the New York Mercantile Exchange.

Brent North Sea crude for November dropped 46 cents to 83.90 dollars a barrel on top of a 30-cent fall to 84.36 dollars Wednesday in London.

Oil prices have already plunged from record highs above 147 dollars, reached in July, because of demand worries, dealers said. Prices have continued to fall despite measures including a US government plan to buy up to 700 billion dollars worth of tainted mortgage-related assets at the root of the global crisis.

On Wednesday Britain said it would make 50 billion pounds (87 billion dollars) of taxpayers' money available to buy shares in banks, providing them with fresh capital in a bid to prevent a banking system collapse.