Singapore: World oil prices fell in Asian trade today with market attention turning back to a slowing US economy, analysts said.

In morning trade, New York's main contract, light sweet crude for delivery in March, fell 27 cents to 93.32 dollars per barrel.

The contract closed up 1.82 dollars at 93.59 dollars a barrel during floor trading on Monday at the New York Mercantile Exchange, partly on threats by Venezuelan President Hugo Chavez to cut oil sales to the United States, dealers said.

Brent North Sea crude for March fell 25 cents to 93.28 dollars per barrel after settling up 1.59 dollars at 93.53 dollars a barrel in London yesterday.

"Market participants do not believe in Chavez's rhetoric, and so we see prices adjusting downwards," said Victor Shum, senior principal at Purvin and Gertz international energy consultants in Singapore.

On Sunday Chavez threatened to cut oil sales to the United States if US oil giant ExxonMobil succeeds in getting billions of dollars in Venezuelan assets as compensation for expropriated oil fields.

Chavez made his latest threat on Sunday after ExxonMobil secured international court orders freezing up to 12 billion dollars in assets of Venezuela's state oil firm Petroleos de Venezuela (PDVSA).

Venezuela is the fourth largest supplier of oil to the United States, with daily exports of about 1.3 million barrels. Shum said the market is more concerned with other issues including those in Nigeria, and colder weather in the US, but "concern over a US recession is still dominant."

Source : PTI