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

Published July 5, 2011 Updated July 5, 2011 05:24am

1 min

By Abdul Ahad

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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.

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