NEW YORK, Oct. 8 (Xinhua) -- Crude prices fell Monday on global economic growth concerns after the World Bank lowered the growth forecast for East Asia including China, the world's second largest oil consumer.
The World Bank cut this year's growth outlook for developing economies in the Asia Pacific to 7.2 percent from its May forecast of 7.6 percent. Forecast for China, the region's biggest economy, was adjusted to 7.7 percent from 8.2 percent, citing sluggish U.S. recovery and European recession.
The bank said the risks of China's slowdown could be deeper and more prolonged than expected.
Investment bank JP Morgan said in a report on Monday that Japan 's economy was losing steam and could fall into contraction in the fourth quarter.
In Europe, debt problems lingered even when eurozone finance ministers gathered Monday in Luxembourg to work at solutions.
Tens of thousands of protesters marched in 56 Spanish cities Sunday to express their anger at the government's budget cuts.
The euro retreated from a two-week high against the dollar. A stronger dollar posed more pressure on crude prices.
The markets were expecting more positive signs from German Chancellor Angela Merkel's visit to Greece Tuesday when she addresses the region's debt crisis.
However, uncertainties in the Middle East kept offering support and limited oil's loss. The shelling exchanges between Turkey and Syria continued into the sixth consecutive day on Monday. And the quarrel between Iran and the West over the disputed nuclear program also continued.
Light, sweet crude for November delivery dropped 55 cents, or 0. 61 percent to settle at 89.33 dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery also slipped and last traded below 112 dollars a barrel.