Global oil prices eased further in Asian trade Wednesday mainly on profit taking by investors amid a strong dollar against the euro.
Light sweet crude for December delivery was seen trading at $86.34 a barrel at 12.00 noon Singapore time while Brent crude was at $87.92 a barrel in London.
The dollar traded at $1.3745 per euro in Asian trade Wednesday after advancing 1.1 percent Tuesday, its third day of gains.
Analysts also attributed oil s decline to drop in world s second largest oil consumer China s oil imports as its net purchases of oil fell to 16.1 million metric tons last month from a record 22.9 million tons in September.
Meanwhile, American Petroleum Institute on Tuesday said U.S. crude inventories plunged 7.4 million barrels last week, the biggest drop since September 2008.
US Energy Department will release official weekly report later Wednesday.
On Tuesday, Prices slid from the highest level in two years, snapping a six day rally, after the euro weakened amid concern some governments in Europe may struggle to pay their debt.
New York's main contract, light sweet crude for delivery in December, settled at $86.72 a barrel, down 34 cents from Monday's close.
In London, Brent North Sea crude for December delivery closed 13 cents lower at $88.33 after reaching a six-month high of $89.02 a barrel.
The International Energy Agency, meanwhile, forecast that crude prices would rise to $113 a barrel by 2035,
The IEA also projected demand for oil to rise by 18 percent between 2009 and 2035, driven by developing countries, with nearly half the increase accounted for by China alone.
Light sweet crude for December delivery was seen trading at $86.34 a barrel at 12.00 noon Singapore time while Brent crude was at $87.92 a barrel in London.
The dollar traded at $1.3745 per euro in Asian trade Wednesday after advancing 1.1 percent Tuesday, its third day of gains.
Analysts also attributed oil s decline to drop in world s second largest oil consumer China s oil imports as its net purchases of oil fell to 16.1 million metric tons last month from a record 22.9 million tons in September.
Meanwhile, American Petroleum Institute on Tuesday said U.S. crude inventories plunged 7.4 million barrels last week, the biggest drop since September 2008.
US Energy Department will release official weekly report later Wednesday.
On Tuesday, Prices slid from the highest level in two years, snapping a six day rally, after the euro weakened amid concern some governments in Europe may struggle to pay their debt.
New York's main contract, light sweet crude for delivery in December, settled at $86.72 a barrel, down 34 cents from Monday's close.
In London, Brent North Sea crude for December delivery closed 13 cents lower at $88.33 after reaching a six-month high of $89.02 a barrel.
The International Energy Agency, meanwhile, forecast that crude prices would rise to $113 a barrel by 2035,
The IEA also projected demand for oil to rise by 18 percent between 2009 and 2035, driven by developing countries, with nearly half the increase accounted for by China alone.
