World oil prices eased below $88 a barrel in Asian trade Wednesday mainly after reports of increase in US fuel stockpiles indicating weak energy demand.
Light sweet crude for January delivery was seen trading at $87.92 a barrel at 12.00 noon Singapore time while Brent crude was at $ 91.14 a barrel in London.
In other Nymex trading in January contracts, heating oil fell 0.9 cent to $2.46 a gallon, gasoline futures dropped 0.8 cent to $2.29 a gallon and natural gas slid 1 cent to $4.25 per 1,000 cubic feet.
The American Petroleum Institute said late Tuesday that crude inventories fell 1.4 million barrels last week .Inventories of gasoline soared 2.4 million barrels and distillates added 2 million barrels.
The US Department of Energy will release on Wednesday its weekly figures on oil stocks, which analysts expect to show a sharp drop in crude reserves mainly due to particularly cold weather that has hit north America and Europe.
Analysts also attributed oil s decline to a strengthening dollar that limited the appeal of commodities. The U.S. currency rose against all but two of its 16 major peers and was 0.2 percent higher versus the euro.
On Tuesday, oil prices reversing early gains as traders held back ahead of the release of data on US crude stocks Wednesday.
New York's main contract, light sweet crude for January, declined 33 cents to $88.28 while Brent crude for delivery in January was stable, rising only two cents to $91.21 a barrel in London trade.
Light sweet crude for January delivery was seen trading at $87.92 a barrel at 12.00 noon Singapore time while Brent crude was at $ 91.14 a barrel in London.
In other Nymex trading in January contracts, heating oil fell 0.9 cent to $2.46 a gallon, gasoline futures dropped 0.8 cent to $2.29 a gallon and natural gas slid 1 cent to $4.25 per 1,000 cubic feet.
The American Petroleum Institute said late Tuesday that crude inventories fell 1.4 million barrels last week .Inventories of gasoline soared 2.4 million barrels and distillates added 2 million barrels.
The US Department of Energy will release on Wednesday its weekly figures on oil stocks, which analysts expect to show a sharp drop in crude reserves mainly due to particularly cold weather that has hit north America and Europe.
Analysts also attributed oil s decline to a strengthening dollar that limited the appeal of commodities. The U.S. currency rose against all but two of its 16 major peers and was 0.2 percent higher versus the euro.
On Tuesday, oil prices reversing early gains as traders held back ahead of the release of data on US crude stocks Wednesday.
New York's main contract, light sweet crude for January, declined 33 cents to $88.28 while Brent crude for delivery in January was stable, rising only two cents to $91.21 a barrel in London trade.
