Oil lower in Asia on profit-taking

In this photo taken Monday, July 2, 2012, fuel tanker trucks arrive at a North Little Rock, Ark., petroleum distributorship before making daily deliveries to gasoline retailers. AP FILE PHOTO

Singapore – Oil prices slipped in Asia on Tuesday as traders took profit from an rally in New York that saw West Texas Intermediate (WTI) crude hit an 11-week high, analysts said.

New York’s main contract, WTI for delivery in September, fell 26 cents to $91.94 a barrel and Brent North Sea crude for September delivery shed 19 cents to $109.36.

WTI on Monday jumped to $92.20 a barrel, the highest since May 21, on rumours of an attack on Syria’s leader Bashar al-Assad and as a tropical storm looked likely to grow into a hurricane that could hit Gulf of Mexico oil operations.

Earlier reports from the US showing an improving jobs sector and hopes that the European Central Bank may soon take action to relieve the eurozone debt crisis also spurred buying.

“I think it’s seen quite a rally in the last few trading days and this is the inevitable profit taking,” Justin Harper, market strategist for IG Markets Singapore, told AFP.