07 Jun '11, 4am

Oil down in Asia on fears of higher supply - Straits Times

SINGAPORE - OIL was down in Asian trade on Tuesday amid speculation that Opec may boost crude supplies despite faltering energy demand, analysts said. New York's main contract, light sweet crude for July delivery, lost 52 cents to US$98.49 (S$121.23) a barrel and Brent North Sea crude for July delivery dipped 41 cents to US$114.07. 'Today the focus will still be on the Opec meeting, as other countries including Saudi Arabia want to hike production and keep prices lower,' said Ker Chung Yang, a commodity analyst at Phillip Futures in Singapore. 'Only Iran and Venezuela may not want to hike production and want to keep prices higher,' he added. The 12-nation Organisation of the Petroleum Exporting Countries (Opec) oil cartel will meet Wednesday in Vienna amid growing fears that high crude prices could further dent world economic growth and energy demand. The oil cartel pumps ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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