Oil Slips in Asian Trade

SINGAPORE: Oil prices extended losses in Asian trade Friday on weak energy demand and news the US commodity and options regulator was looking to tighten controls in the energy futures market, analysts said.

New York’s main futures contract, light sweet crude for delivery in February, fell 49 cents to 78.90 dollars per barrel. Brent North Sea crude for March delivery dropped 57 cents to 78.00 dollars a barrel. Prices dipped after the US Department of Energy (DoE) reported Wednesday an unexpected increase in US petroleum reserves, analysts said.

New York crude rose to a 15-month high of 83.95 dollars Monday on the back of robust Chinese data but subsequently tumbled on news that Beijing was tightening money supply in a bid to tame economic growth.