Oil down in Asia, New York crude falls below $90

Oil prices were lower in Asian trade today, with investor sentiment weighed down by fears over Greece’s deepening debt crisis and a downgrade of global energy demand.

New York’s main contract, light sweet crude for delivery in  October, was down 71 cents to $89.50 a barrel in morning trade,  and Brent North Sea crude for October settlement eased nine cents  to $111.80.

“With the Greek risk overhanging the market, prices have  been very edgy, very jumpy,” said Nick Trevethan, senior commodities strategist at ANZ Research in Singapore.

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