Oil prices sank below 59 dollars per barrel this week for the first time since late May on renewed concerns about weak demand for energy, dealers said. Oil has fallen about 10 percent this week amid concerns a prolonged global recession may sap energy demand. OIL Prices nosedived on Friday after the IEA said signs of a strong rally in global economic growth and oil demand were fading. The International Energy Agency however added in its latest monthly report that there could be a dramatic turnaround for demand next year. New Yorks light sweet crude fell as low as 58.72 dollars -- a low point which was last seen on May 18. Brent North Sea oil sank as low as 59.53, which was last reached on May 26. This week, British Prime Minister Gordon Brown and French President Nicolas Sarkozy called for more stable oil prices after 12 months that has seen the price for a barrel of crude fluctuate between 32 and 147 dollars.Oil prices had eked out small gains on Thursday after falling below 60 dollars for the first time since late May as the market pondered sluggish energy demand.
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