Geo Business

Oil down in Asian trade

SINGAPORE: Crude prices were lower in Asian trade Thursday as investors awaited more data indicating the health of the US economy, the world's biggest oil consuming nation. The US government is expected to release figures on jobless claims and inflation in the world's biggest economy, which is struggling to avoid dipping back into recession. A stronger US dollar also helped push prices lower as it makes the dollar-priced commodity more expensive for buyers using other currencies, dampening demand, analysts said. New York's main contract, West Texas Intermediate light sweet crude for September delivery, was down 33 cents to $87.25 a barrel in Asian morning trade. Brent North Sea crude for October fell 30 cents to $110.30. (AFP)