SINGAPORE (Commodity Online) : Global oil prices edged lower in Asian trade Tuesday mainly after economic concerns resurfaced due to Euro zone banking worries.
Light sweet crude for November delivery was seen trading at $76.25 a barrel at 12.00 noon Singapore time while Brent crude was at $78.25 a barrel in London.
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Analysts said traders appeared to take a breather after last week's rally and await couple of US stockpiles report for further clues.
American Petroleum Institute (API) will publish Industry inventory statistics later Tuesday, followed by government data from the Energy Information Administration on Wednesday.
Markets also tracked Asian equities lower on lingering concerns about euro-zone debt, which also boosted the dollar. A stronger greenback renders imports of dollar-denominated oil more expensive for non-US buyers.
The euro fell from a five-month high against the dollar on Monday, while the dollar extended gains against a basket of currencies on Tuesday, on worries about fiscal debt problems in euro-zone countries such as Ireland
On Monday, oil prices closed mixed as investors appeared to take a breather after last week's rally and European banking woes renewed economic recovery worries.
New York's main contract, light sweet crude for November delivery, edged up to $76.52 a barrel while Brent crude for November delivery fell 30 cents to settle at $78.57
Experts said that investors in New York oil futures once again were looking at stock action on Wall Street for clues to the traction of the global recovery.
US stocks wobbled and ended the day lower amid concerns about European bank weakness, analysts said.
