Updated on
Summary
Oil fell in Asian trade today as investors awaited more data due out this week that they hope will show a recovery is underway in the US and other major economies, analysts said. New York's main contract, light sweet crude for October delivery dropped 11 cents to USD 72.63 a barrel. Brent North Sea crude for October delivery was 23 cents lower at USD 72.56. Crude rose last week, fuelled by positive economic data that the global economy was pulling out of recession, which was seen as a boost to lifting oil demand. In the United States, the world's largest energy-consuming nation, official data showed spending rose for the third consecutive month, albeit largely due to federal aid.
