LONDON, Feb 28, 2012 (AFP) - World oil prices sank further on Tuesday as traders booked more profits amid concerns that high crude costs could erode demand and hurt the global economy, analysts said. Brent North Sea oil for delivery in April fell $1.33 to $122.84 per barrel in midday deals in London. The contract has now lost almost $3 over the past two days. New York's main contract, light sweet crude for April, slid 42 cents to $108.14. "Oil prices have fallen ... due to fears that high prices would lead to demand destruction," said Westhouse Securities analyst Andrew Matharu. "There are growing expectations that there will be no growth in global demand this year if high prices persist." Prices had forged a series of nine-month peaks last week, stoked by intensifying concern over key crude-producing nation Iran. But they have slid this week after the Group of 20 major economies spurned Europe's appeal to help fight the eurozone debt crisis. Disappointment over the weekend G20 meeting has pushed the dollar higher, making greenback-priced crude more expensive for buyers using other currencies. However tensions between Iran and the West over Tehran's controversial nuclear programme were expected to provide further support to oil prices, according to analysts. "We do not expect any more pronounced or prolonged price correction, as this is countered by the supply risks due to the Iran crisis," Commerzbank analyst Carsten Fritsch said on Tuesday..

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