World Oil Prices Tumbled On Ample Supply

World oil prices fell sharply Monday on ample supply and downgraded global demand growth.

New York's main contract, light sweet crude for delivery in April, lost 2.35 dollars to close at 60.42 dollars a barrel.

On London's ICE Futures exchange, the price of Brent North Sea crude for May delivery fell 1.92 dollars to close at 61.34 dollars a barrel.

International Energy Agency and the Energy Information Administration lowered their projected global demand too at earlier times.

The Department of Energy said Wednesday that U.S. crude oil inventories rose by 4.8 million barrels last week to 339.9 millionbarrels, or 10 percent above year ago levels, the highest level since April 1999.