Oil prices down in Asian trade on US demand concerns
Singapore, May 23 (AFP) Oil was down in Asian trade today as investor sentiment took a hit partly from worries over weak US demand, analysts said.
New York's main contract, light sweet crude for July delivery, lost 95 cents to USD 99.15 a barrel, while Brent North Sea crude for July delivery dipped 70 cents to USD 111.69.
"Crude oil prices were weaker as US economic recovery is sputtering and fuel demand may drop," said Ker Chung Yang, commodity analyst from Phillip Futures in Singapore.