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SINGAPORE - OIL prices fell below US$119 in Asian trade on 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 US$0.42 at US$118.75 (S$154) a barrel.
New York oil prices have slumped almost 20 per cent since hitting a record high of US$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 US$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 on 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 on 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. -- AFP
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