World oil prices sank Monday as traders worried about oversupply in the United States and weak demand among developed countries as the global economy claws out of recession. New York's main contract, light sweet crude for January delivery, dropped $1.54 to $73.93 a barrel. The New York futures contract has fallen for four consecutive sessions, losing $4.44 a barrel or 5.7 percent. In London, Brent North Sea crude for January delivery shed $1.09 to settle at $76.43 a barrel. “The market is extremely weak,” said Ellis Eckland, an independent analyst. “Driven by physical weakness at the near term, there is potential for more weakness,” he added. Eckland pointed out that US petroleum inventories were continuing to build as demand remains feeble, according to the latest weekly official data. “Some people hope for a pick-up with the rebound of the economy, but developed countries demand is just anemic, it's not picking up at all,” he said. The euro was down 0.22 percent at $1.4818. Against the yen, the dollar was down 1.03 percent at 89.50.
