UPDATE 6-Oil falls, biggest weekly drop since Jan

* U.S. consumer sentiment down in July

* CFTC commissioner says agency will act fast on new regs

* IEA forecasts oil demand growth for 2010

(Updates prices, regulatory details, adds fresh quote)

By Matthew Robinson

NEW YORK, July 10 (Reuters) - Oil fell on Friday, adding to losses that set prices down in the biggest weekly decline since late January as economic concerns sent investors seeking safer havens.

U.S. crude CLc1 settled down 52 cents at $59.89 a barrel while London Brent crude LCOc1 fell 58 cents to settle at $60.52 a barrel.

Mounting worries that a rebound in the global economy may not be coming soon to help spur flagging fuel demand has sent prices down 10 percent this week, falling in six of the last seven trading sessions.

"The gloomy mood in the oil markets continues and it looks like participants are in the 'hunker-down' mode here. The economic data out today do not suggest that the economy is faring any better. And consumer confidence is poor," said Phil Flynn, analyst for PFGBest Research in Chicago.