World oil prices eased in Asian trade Thursday after overnight gains due to biggest US crude inventories weekly drop in eight years.
Light sweet crude for January delivery was seen trading at $88.51 a barrel at 12.00 noon Singapore time while Brent crude was at $92.13 a barrel in London. The January contract expires today. The more actively traded February contract was at $92.18 a barrel, up 3 cents.
Analysts attributed oil s slight dip to euro zone debt concerns after reports of Spanish credit rating goes downward that offset positive US economic data.
markets fell after Spain was warned it may have its credit rating downgraded, echoing a similar report on Belgium the day before and renewing worries about Europe's debt crisis.
On Wednesday, oil traded near a one-week high after a US government report showed stockpiles declined the most since 2002 and refiners boosted fuel output in the world s biggest crude consumer.
The US Department of Energy said that crude inventories shed 9.9 million barrels in the week to December 10 -- the biggest weekly drop in eight years.
U.S. crude imports slipped to 7.69 million barrels a day, the report showed. Fuel imports dropped 11 percent to 2.36 million barrels a day.
Inventories at Cushing, Oklahoma, the delivery point for New York futures, increased 982,000 barrels to 35.9 million, the highest level since August.
Oil prices rose Wednesday after official data showed US crude stockpiles fell last week by the biggest amount in eight years, analysts said.
New York's main contract, light sweet crude for January, gained 34 cents to close at $88.62 while Brent crude for delivery in January added up 99 cents to settle at $92.20 a barrel.
Light sweet crude for January delivery was seen trading at $88.51 a barrel at 12.00 noon Singapore time while Brent crude was at $92.13 a barrel in London. The January contract expires today. The more actively traded February contract was at $92.18 a barrel, up 3 cents.
Analysts attributed oil s slight dip to euro zone debt concerns after reports of Spanish credit rating goes downward that offset positive US economic data.
markets fell after Spain was warned it may have its credit rating downgraded, echoing a similar report on Belgium the day before and renewing worries about Europe's debt crisis.
On Wednesday, oil traded near a one-week high after a US government report showed stockpiles declined the most since 2002 and refiners boosted fuel output in the world s biggest crude consumer.
The US Department of Energy said that crude inventories shed 9.9 million barrels in the week to December 10 -- the biggest weekly drop in eight years.
U.S. crude imports slipped to 7.69 million barrels a day, the report showed. Fuel imports dropped 11 percent to 2.36 million barrels a day.
Inventories at Cushing, Oklahoma, the delivery point for New York futures, increased 982,000 barrels to 35.9 million, the highest level since August.
Oil prices rose Wednesday after official data showed US crude stockpiles fell last week by the biggest amount in eight years, analysts said.
New York's main contract, light sweet crude for January, gained 34 cents to close at $88.62 while Brent crude for delivery in January added up 99 cents to settle at $92.20 a barrel.
