SINGAPORE: Oil prices were lower in Asian trade on Tuesday ahead of the weekly energy inventory report in the United States, dealers said.
New York's main futures contract, light sweet crude for delivery in June, eased 36 cents to 54.11 dollars a barrel.
Brent North Sea crude for June delivery fell 37 cents to 54.21 dollars.
"Trading is mildly precautionary at the moment... the market is waiting for the weekly inventory data," said Mark Pervan, a senior commodities analyst with ANZ Bank in Melbourne.
The US Department of Energy is due to release its weekly energy report on Wednesday, which provides a snapshot of oil stockpiles in the world's largest energy consumer.
World oil prices have slumped since striking record highs above 147 dollars in July 2008, as energy demand weakened due to the downturn.
While prices have bounced back in recent weeks on early signs the worst may be over for the US economy, analysts have cautiouned that the current global outbreak of swine flu could set back any recovery.
http://economictimes.indiatimes.com/News/Oil-prices-fall-in-Asian-trade/articleshow/4484829.cms
New York's main futures contract, light sweet crude for delivery in June, eased 36 cents to 54.11 dollars a barrel.
Brent North Sea crude for June delivery fell 37 cents to 54.21 dollars.
"Trading is mildly precautionary at the moment... the market is waiting for the weekly inventory data," said Mark Pervan, a senior commodities analyst with ANZ Bank in Melbourne.
The US Department of Energy is due to release its weekly energy report on Wednesday, which provides a snapshot of oil stockpiles in the world's largest energy consumer.
World oil prices have slumped since striking record highs above 147 dollars in July 2008, as energy demand weakened due to the downturn.
While prices have bounced back in recent weeks on early signs the worst may be over for the US economy, analysts have cautiouned that the current global outbreak of swine flu could set back any recovery.
http://economictimes.indiatimes.com/News/Oil-prices-fall-in-Asian-trade/articleshow/4484829.cms
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