Oil was down in Asian trade Wednesday due to weaker US energy demand and as traders locked in profits from the previous day’s gains, analysts said.
New York’s main contract, light sweet crude for July delivery, lost 57 cents to $99.02 a barrel, while Brent North Sea crude for the same month dipped 82 cents to $111.71.
“Investors might be taking in profits as it is approaching a long weekend in the US market,” said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore, referring to a public holiday Monday to mark Memorial Day.
Ker said a less than expected fall in US crude inventories, which reflect softer energy demand, helped push prices lower. The US is the world’s biggest oil consuming nation.
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