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Crude down in Asia

Brent North Sea crude for September delivery dipped 40 cents to $111.60

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I / Singapore August 08, 2012, 9:28 IST

was lower in today with traders taking profit after prices capped three consecutive days of rallies by surging to a 12-week high overnight, analysts said.

New York's main contract, (WTI) light sweet for delivery in September, was 33 cents to $93.34 a barrel and North Sea crude for September delivery dipped 40 cents to $111.60.

Crude were retreating after "oil prices jumped to a 12-week peak on Tuesday" with Brent and WTI prices "posting their highest settlements since May 15", Phillip Futures said in a report.

"Falling North Sea output, support for more bond buying by the US Federal Reserve and Middle East tensions lifted crude futures to a third straight higher settlement" on Tuesday, the report added.

Crude output in the North Sea is set to fall to a record low in September due to oilfield maintenance, media reports said, while Syrian President Bashar al-Assad's pledge Tuesday to crush rebel forces exacerbated tensions in the Middle East.

In the US, Boston Federal Reserve Bank President Eric Rosengren's call for the to start buying Treasury and mortgage-backed securities revived hopes of stimulus from the central bank of the world's largest oil consumer.

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