SINGAPORE : Global oil prices edged down in Asian trade Wednesday mainly on a weakening dollar and political unrest in key crude producers Iran and Nigeria.
Light crude for July delivery fell 13 cents to $70.34 a barrel at 12.00 noon Singapore time while London Brent crude was down 7 cents at $70.17 a barrel at the same time.
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Oil has lost more than 3 per cent since last Thursday, when it closed at its highest since October 20 at $US72.68.
The American Petroleum Institute reported a less-than-forecast fall of 1.3 million barrels in US crude stocks in the week ended June 12 and an unexpected 2.1-million-barrel rise in gasoline stocks.
The bearish oil data, hinting at a slow oil demand recovery, added pressure after data showed US industrial production slid a steeper-than-expected 1.1 per cent in May from the prior month.
Prices have retreated from last week's highs as analysts increasingly question the basis for economic optimism that led to oil prices more than doubling since February, and US equity markets gaining as much as 40 per cent since March.
