Oil eases in Asia above $87
Oil prices eased slightly in Asia on Wednesday but remained above 87 dollars a barrel in a market focussed on a potential Turkish incursion into northern Iraq.
By Agencies |
SINGAPORE: Oil prices eased slightly in Asia on Wednesday but remained above 87 dollars a barrel in a market focussed on a potential Turkish incursion into northern Iraq.
While expressing concern at the price rise, the chief of the OPEC oil cartel said the world oil market remains well supplied.
New York's main oil futures contract, light sweet crude for delivery in November, was 14 cents lower in late morning trade at 87.47 dollars a barrel. In US trading on Tuesday, oil struck a record intra-day high of 88.20 dollars before dropping back to settle above 87 dollars for the first time, at 87.61 dollars a barrel.
While expressing concern at the price rise, the chief of the OPEC oil cartel said the world oil market remains well supplied.
New York's main oil futures contract, light sweet crude for delivery in November, was 14 cents lower in late morning trade at 87.47 dollars a barrel. In US trading on Tuesday, oil struck a record intra-day high of 88.20 dollars before dropping back to settle above 87 dollars for the first time, at 87.61 dollars a barrel.
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