Global oil prices eased in Asian trade Tuesday, after an overnight hike, ahead of US crude inventory data and China s next step on monetary policies.
U.S. crude for January delivery was seen trading at $88.35 a barrel at 12.00 noon Singapore time while Brent crude was at $91.04 a barrel in London.
Analysts also attributed oil s dip to reports suggesting winter cold threats might be weaker than forecasted that may reduce fuel demand.
Heating oil dropped as much as 0.4 percent today after reaching a two-day high as Florida declared a state of emergency amid severe cold that could damage crops, and as a snowstorm battered the Midwest.
They said higher oil demand in China and the lack of any announcement about an interest rate hike over the weekend continued to provide underlying support.
China's inflation rose to a 28-month high of 5.1 percent in the year to November, government data released over the weekend showed. While China did raise cash reserve requirements for banks, it did not move as expected to hike interest rates, which is seen as supportive for commodities.
On Monday, oil jumped mainly on OPEC's decision to maintain the cartel's output levels.
New York's main contract, light sweet crude for January finished the day up 82 cents to $88.61 while Brent crude for delivery in January advanced 71 cents to $91.19 a barrel in London.
U.S. crude for January delivery was seen trading at $88.35 a barrel at 12.00 noon Singapore time while Brent crude was at $91.04 a barrel in London.
Analysts also attributed oil s dip to reports suggesting winter cold threats might be weaker than forecasted that may reduce fuel demand.
Heating oil dropped as much as 0.4 percent today after reaching a two-day high as Florida declared a state of emergency amid severe cold that could damage crops, and as a snowstorm battered the Midwest.
They said higher oil demand in China and the lack of any announcement about an interest rate hike over the weekend continued to provide underlying support.
China's inflation rose to a 28-month high of 5.1 percent in the year to November, government data released over the weekend showed. While China did raise cash reserve requirements for banks, it did not move as expected to hike interest rates, which is seen as supportive for commodities.
On Monday, oil jumped mainly on OPEC's decision to maintain the cartel's output levels.
New York's main contract, light sweet crude for January finished the day up 82 cents to $88.61 while Brent crude for delivery in January advanced 71 cents to $91.19 a barrel in London.
