Oil prices dropped Thursday as OPEC cut down the world crude demand forecast and IEA stuck to its 30-day emergency release of oil to US. Light sweet crude oil for October delivery, New York's main contract, fell 39 cents, or 0.6 per cent to 64.70 dollars a barrel on the New York Mercantile Exchange.

In London, the price of Brent North Sea crude for October delivery declined 21 cents to 63.16 dollars a barrel.

In a monthly report published Thursday, the Organization of Petroleum Exporting Countries(OPEC) cut its 2005 world oil-demand forecast by 150,000 barrels a day, saying record high gasoline prices have pushed down forecasts for world oil demand.

World oil demand is forecast to grow 1.4 million barrels a day in 2005 and 1.5 million barrels a day in 2006 - a downward revision of 200,000 barrels a day in both years, the report said.

The International Energy Agency (IEA) announced Thursday that it will maintain its action of making available to the market 60 million barrels of oil and oil products for a period of 30 days, but called on OPEC to raise production and build up capacity.

Source: Xinhua