AFP reported that oil was lower in Asia with traders taking profit after prices capped 3 consecutive days of rallies by surging to a 12 week high overnight.

Analysts said that New York's main contract, West Texas Intermediate light sweet crude for delivery in September was down 33 cents to USD 93.34 per barrel and Brent North Sea crude for September delivery dipped 40 cents to USD 111.60.

Phillip Futures said that crude markets were retreating after oil prices jumped to 12 week peak on Tuesday with Brent and WTI prices posting their highest settlements since May 15th 2012.

Falling North Sea output support for more bond buying by the US Federal Reserve and Middle East tensions lifted crude futures to a third straight higher settlement. Crude output in the North Sea is set to fall to a record low in September due to oilfield maintenance.

Source - AFP

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