Crude oil prices fell below 60 dollars on Friday after the International Energy Agency cut its oil product demand growth forecast for 2006.

New York's main contract, light sweet crude for delivery in December, fell 1.57 dollars to close at 59.59 dollars a barrel.

In London, Brent North Sea crude for delivery in December dropped 1.61 dollars to settle at 59.71 dollars a barrel.

The Paris-based International Energy Agency lowered its forecast of oil product demand growth on Friday. The global average daily demand in 2006 reached 84. 5 million barrels per day (bpd), a 1.1-percent increase on the previous year, instead of its previous forecast of 1.2 percent. In 2007, demand is forecast to expand by 1.7 percent at 85.9 million bpd, instead of its previous forecast of 1.8 percent, according to its monthly report.

Crude futures have fallen more than 25 percent from its record 78.40 dollars per barrel in mid-July, as demand was downgraded and supply worries eased.

Source: Xinhua