Business

Oil down in Asian trade

Oil was down in Asian trade Wednesday on fears of faltering energy demand.

13 July,2011 02:13 pm

US crude reserves increased while the eurozone debt crisis shows no signs of abating. New Yorks main contract, West Texas Intermediate for delivery in August, fell 16 cents to $97.27 a barrel in afternoon trade.Brent North Sea crude for August delivery shed 39 cents to $117.36.The American Petroleum Institute reported on Tuesday that crude inventories increased 2.3 million barrels last week to 359.4 million, a rise for the first time in six weeks.Increasing crude inventories indicate weaker demand in the United States, the worlds biggest oil consumer.

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