| GEO Business|
| Oil prices fall in Asian trade|
| Updated at: 1154 PST, Monday, September 29, 2008|
SINGAPORE: World oil prices fell in Asian trade Monday after a proposed US government bailout of the financial sector moved closer to Congressional approval, dealers said.
New York's main contract, light sweet crude for November delivery, fell 1.04 dollars to 105.85 dollars from 106.89 at the close of floor trading on the New York Mercantile Exchange Friday.
Brent North Sea crude for November delivery dropped 69 cents to 102.85 dollars a barrel. On Sunday US lawmakers struck a deal on draft legislation for the bailout of up to 700 billion dollars for struggling Wall Street banks hit by the worst financial crisis since the Great Depression of the 1930s.
Oil prices have dropped sharply from record high levels above 147 dollars in July on worries that demand is shrinking in a US-led global slowdown.