Oil prices fall sharply

World oil prices fell sharply on Tuesday as supply worries eased.

New York's main contract, light sweet crude for delivery in October, dropped 2.14 dollars to close at 61.66 dollars per barrel, the lowest in six months.

In London, Brent North Sea crude for November delivery fell 1. 88 dollars to close at 62.17 dollars per barrel.

Crude futures have fell more than 20 percent from its record 78. 40 dollars per barrel in mid-July, as demand was downgraded and supply worries eased.

U.S. President George W. Bush said on Tuesday that the United States has no objection to Iran's pursuit of a truly peaceful nuclear power program and is working toward a diplomatic solution to this crisis.

Iranian President Mahmoud Ahmadinejad said on Monday that Iran's nuclear program is very clear and very transparent. "We have always said that we are willing to negotiate with any country."

Iran is OPEC's No. 2 producer following Saudi Arabia, pumping 4 million barrels of crude oil and exporting 2.4 million barrels per day.

Source: Xinhua