Oil prices lower on Europe debt worries

SINGAPORE: Oil prices were lower in Asian trade Monday amid renewed concerns over Europe's ability to deal with its towering debt crisis, analysts said.

New York's main contract, West Texas Intermediate crude for delivery in March, was down 22 cents to $98.11 a barrel in morning trade.

Brent North Sea crude for March delivery shed three cents to $109.83.

"There is still great worry over whether Greece will be able to deal with its huge debt problem... which may soften demand for crude," said Ken Hasegawa, energy desk manager at Newedge brokerage in Tokyo.

European Union finance ministers are set to meet in Brussels on Monday to forge ahead with plans to implement a fiscal pact and finalise a treaty setting up a permanent debt rescue fund. (AFP)