Crude prices were down in Asian
trade Wednesday after OPEC lowered its global oil demand forecast for 2012 and
Slovakia rejected a plan to revamp the eurozone's rescue fund, analysts said.
New York's main contract, light sweet crude for delivery in
November, dived $1.04 to $84.77 a barrel.
Brent North Sea crude for November delivery shed 74 cents to
$109.99.
"Oil this morning is edging down a sum," said
Victor Shum, senior principal of Purvin and Gertz energy consultants in
Singapore.
"OPEC (Organisation of the Petroleum Exporting
Countries) adjusted its demand outlook for 2012 downward. Also, the news about
Slovakia yesterday did not rectify enhancement of the euro financial rescue
fund," he told AFP.
"Both news items injected some pessimism into the oil
market outlook."
OPEC on Tuesday lowered its estimated world demand for a
third month running to 87.81 million barrels per day, down from a September
forecast of 87.99 million bpd.
The reduction was due to uncertainty in the global economy
and weaker oil demand from China and India, the oil cartel said.
Meanwhile, Slovak lawmakers' rejection of a revamp of the
European Financial Stability Facility (EFSF) bailout dealt a further blow to
market sentiments amid the European debt crisis.
The blow effectively blocks the expansion of the eurozone's
440-billion-euro ($600 billion) bailout fund even as European Central Bank
chief Jean Claude Trichet that the world faced systemic dangers.
The country's leaders have said they would try to pass the
EFSF revamp in a repeated vote with support from the opposition, but no date
has been fixed for that vote yet.
Source : AFP
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