Oil prices fall by $123.89 on weak demand

SINGAPORE: World oil prices fell further in Asian trade on Thursday amid signs of weakening demand in the United States, the world's biggest energy user. In morning trade, New York's main contract, light sweet crude for September delivery dropped by 55 cents to $ 123.89 a barrel from its close of $ 124.44 during US trading hours Wednesday.New York oil prices had already dropped a hefty $ 3.98 yesterday. Prices have tumbled by more than $ 23 since striking record highs above $ 147 on July 11. However, they remain at elevated levels after smashing through $ 100 for the first time at the start of the year.