World oil prices fell on Friday, but losses were limited by strong demand, tight supplies and political tensions.

Traders were monitoring the latest developments in Nigeria, the biggest oil producer in Africa, where three Filipino oil and gas workers were abducted.

New York's main contract dropped 71 cents to $74.75 a barrel. In London, Brent North Sea crude fell 34  cents to $76.22.

A factor identified behind the fall in oil prices was easing concerns over the threat of hurricanes hitting the US Gulf Coast. There were also indications of slowing economic growth  in the US, the world's biggest energy user, which would cut forecasts for world demand.