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  • Oil prices down in Asian trade

    Published on May 8, 2013

    Market forecasts for a surge in US crude inventories dragged down oil prices in Asian trade today.oil

    New York’s main contract, light sweet crude for delivery in June, dropped six cents to 95.56 dollars a barrel in the morning and Brent North Sea crude for June delivery shed 23 cents to 104.17 dollars.

    The US is the world’s biggest economy and its largest oil-consuming nation, and its consumption is closely monitored by the market.

    Traders are also keeping a close watch on tensions in the oil-rich Middle East following Israeli air raids outside the Syrian capital Damascus on Sunday