Oil down in Asia

Oil down in Asia

Singapore: Oil fell in Asian trade on Wednesday as traders took profits after prices reached two-year highs on Monday, analysts said.

New York’s main contract, light sweet crude for January delivery, slid 67 cents to $88.02 per barrel.

Brent North Sea crude for delivery in January slipped 59 cents to $90.80.

“The weaknesses we’ve had yesterday and today is just a bit of profit-taking," said Ben Westmore, minerals and energy economist for the National Australia Bank in Melbourne.

Crude prices had hit two-year highs after four consecutive days of gains on Monday before retreating as traders moved in to capitalise.

Westmore added that continuing eurozone debt worries was also dampening sentiment in crude markets.

European finance ministers refused Monday to be bounced into boosting bailout funding, following fierce resistance from some of the eurozone’s best-performing economies.