Oil prices fell in Asian trade today on concerns debt-ridden Greece might fail to secure a second bail-out and expectations of weaker US energy demand. New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March, was down seven cents to $96.84 a barrel and Brent North Sea crude for March fell three cents to $115.90. Analysts said the situation in Greece is putting downward pressure on oil prices as it remains to be seen if the EU will grant Greece a second bail-out. They also said there is expectations of a rise in US crude inventories, indicating weakened demand despite other bullish factors. Athens is in the third week of tough negotiations with senior auditors from the European Union, IMF and the European Central Bank to receive new loan funds under a €130 billion euro zone rescue deal. A deal must be struck by March to prevent Greece defaulting on its debt. The auditors have demanded additional austerity reforms that the coalition of three parties supporting the government of Prime Minister Lucas Papademos have hesitated to approve. Prices had risen earlier due to increased demand for heating fuel driven by a cold snap in Europe, which has left more than 360 people dead.

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