Oil slides on demand fears

LONDON (AFP) - Oil prices sank on Monday amid persistent worries about long-term global energy demand, as traders feared that the tentative US bailout deal would fail to boost slowing global economic growth.

New York’s main contract, light sweet crude for November delivery, tumbled 3.29 dollars to 100.25 dollars per barrel.

London’s Brent North Sea crude for November shed 3.39 dollars to 103.50 dollars, after earlier dipping as low as 99.51.

“Oil prices were over three dollars lower amid heightened concerns over demand destruction, as market participants fear the US government’s 700-billion-dollar billion financial rescue plan will fail to revive wider economic problems caused by the credit crunch,” said Sucden analyst Nimit Khamar.