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

New York's main contract, light sweet crude for delivery in November, slid 1.04 dollars to close at 60.55 dollars per barrel.

In London, Brent North Sea crude for November delivery fell 93 cents to settle at 60.41 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.

Iranian President Mahmoud Ahmadinejad indicated Thursday that Iran will continue to hold negotiations with the EU on its nuclear issue by saying that the talks "are moving on the right path."

Adnan Shihab Eldin, former OPEC acting secretary general and now a top contender for the post of OPEC secretary general, predicted Thursday that world oil prices could drop to as low as 40 U.S. dollars a barrel by mid-2007.

Source: Xinhua