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.