Crude down in Asia

Agence France-Presse

Posted at Nov 10 2011 11:28 AM | Updated as of Nov 10 2011 07:28 PM

SINGAPORE - Oil prices inched lower in Asian trade Thursday as persistent doubts over the eurozone's debt crisis cast a pall over crude markets, analysts said.

New York's main contract, light sweet crude for December delivery, fell five cents to $95.69 a barrel.

Brent North Sea crude for delivery in December shed seven cents to $112.24.

"Prices are down because of the overall sentiments in the market, it could be due to lingering concerns over the European debt problem," said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore.

Ongoing political turmoil in debt laden Greece and Italy dragged down the euro currency as well as European and US bourses overnight as International Monetary Fund chief Christine Lagarde warned of a potential "downward spiral" in the global economy.

But Ker said crude was being supported by oil inventory reports issued by the US Energy Information Administration (EIA) late Wednesday showing a sharper than expected fall in stockpiles.

"The EIA is saying that crude stocks are falling more than expected, its kind of a boost factor for crude," he told AFP.