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Markets

Oil lower in quiet Asia trade

SINGAPORE : Oil prices fell in Asia on Tuesday in thin trading after US markets were closed for the Independence Day
05 Jul 2011

oilSINGAPORE: Oil prices fell in Asia on Tuesday in thin trading after US markets were closed for the Independence Day public holiday, analysts said.

New York's main contract, West Texas Intermediate for August delivery, fell 17 cents to $94.77 a barrel and Brent North Sea crude for August also dropped 17 cents to $111.22.

"US markets were closed and crude oil prices are quite muted," said Ker Chung Yang, a Singapore-based analyst at Phillip Futures.

Oil on Monday was boosted by the progress of eurozone talks to save debt-ridden Greece.

On Saturday, finance ministers approved the next 12-billion-euro slice of a rescue worth 110 billion euros ($160 billion) provided by the European Union and International Monetary Fund.

Crude traders are awaiting data from the United States for leads, including a report by the American Petroleum Institute (API) on crude stocks in the world's biggest oil consumer, Ker told AFP.

The API report on US crude stockpiles is usually released a day before the Department of Energy's weekly petroleum reserves data.

 

Copyright AFP (Agence France-Presse), 2011