Oil prices dipped in Asian trade yesterday as sentiment was dampened by weak U.S. economic data that has spurred concerns about slow demand in the world's largest energy consumer, analysts said.
New York's main contract, light sweet crude for delivery in August, shed US$0.6 to US$75.95 a barrel in the afternoon, while Brent North Sea crude for September delivery was US$0.3 off at US$75.34.
"Oil prices have come off somewhat and the U.S. economic data released (last week) was a little bit on the soft side," said David Moore, a Sydney-based commodity strategist with the Commonwealth Bank of Australia. "That certainly is a factor that is acting to dent the oil price at present."
Economic reports released Friday renewed concerns about the U.S. economic recovery.
