World crude oil prices fell below 73 dollars Friday as the International Energy Agency lowered its forecast for global oil demand.

New York's main contract, light sweet crude for delivery in June, fell 1.42 dollars to close at 72.04 dollars a barrel.

On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery lost 54 cents to settle at 72.89 dollars a barrel.

The International Energy Agency lowered on Friday its forecast for global oil demand this year and said an increase in Iraqi exports had helped boost worldwide production in April.

Citing mild temperatures in the first quarter and the impact of high prices on consumption, the IEA revised down its estimate of average daily demand this year to 84.8 million barrels, representing an increase of 1.5 percent from 2005, but less than a previous forecast of 85.1 million barrels.

Three foreign workers were kidnapped on Thursday in Port Harcourt, Nigeria., after the murder of an American oil industry executive in the same city.

About one-fourth of Nigeria's daily output is still shut after a series of militant attacks. Nigeria is Africa's leading oil producer and the fifth-biggest source of U.S. oil imports.

Source: Xinhua