Oil
prices dipped in Asian trade Tuesday ahead of a meeting between the German and
French leaders on how to deal with the eurozone's widening debt crisis.
New York's main contract, West Texas Intermediate crude for
delivery in September, fell 62 cents to $87.26 a barrel in afternoon trade.
Brent North Sea crude for September was down 49 cents to
$109.42.
"Investors will be waiting for details on the eurozone
meeting and the eurozone second-quarter GDP figures," said Ker Chung Yang,
an analyst at Phillip Futures in Singapore.
French President Nicolas Sarkozy will host German Chancellor
Angela Merkel on Tuesday in Paris to produce a road map for the 17-nation
eurozone as it battles its growing sovereign debt crisis.
Merkel and Sarkozy lead the eurozone's two biggest economies
and markets have been watching anxiously to see whether they will agree a plan
to boost fragile confidence.
On Monday, the finance ministers of Britain, Australia,
Canada, Singapore and South Africa said in a statement that the world was
facing a crisis of confidence and needed a global response.
The ministers warned of a lack of confidence in efforts by
governments to address the issues underpinning weak growth, high unemployment
and unsustainable fiscal balance sheets.
Trillions of dollars have been wiped off stock markets in a
massive sell-off over the past fortnight as investors dumped shares over
concerns of a global slowdown, eurozone debt, and an unprecedented US credit
rating downgrade.
The fears for the global economy have triggered volatility
for oil prices in turn, as traders anticipate a deterioration in energy demand.
Source : AFP
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