LONDON, Nov 9: World oil prices slid on Friday as traders paused for breath at the end of a rollercoaster week, during which sentiment was dictated by concerns over the US election and weak demand, dealers said.

Brent North Sea crude for delivery in December fell 18 cents to $107.07 a barrel in London afternoon trade.

New York’s main contract, light sweet crude for December or West Texas Intermediate (WTI), shed 34 cents to $84.75 a barrel. The market suffered volatile swings this week as dealers reacted to the presidential election in the US, which is the world’s biggest crude consuming nation.

Crude futures had tumbled to three-month low levels on Monday as the market fretted over uncertainty over the crucial race between the US President Barack Obama and Republican challenger Mitt Romney. The market swung higher on Tuesday, soaring by more than $3 in line with Wall Street gains and the weaker dollar, as Americans headed to the polls.

But prices plunged on Wednesday, mirroring global equities, as traders worried about a looming “fiscal cliff” in the US after Obama’s re-election and the gloomy EU economic forecasts. Sentiment was also hammered after the EU lowered its economic forecasts for the eurozone, to a contraction of 0.4 per cent this year and miniscule 0.1 per cent growth in 2013.

In addition, the market was dented by profit-taking, the strong dollar and the rising US crude inventories data that signalled weak demand in the world’s biggest oil consuming nation. On Thursday, crude futures eked out slender gains amid bargain-hunting after the sharp sell-off.—AFP