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| Oil eases in Asia ahead of key US economic data |
| Press Trust of India / Singapore Aug 31, 2009, 09:43 IST |
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Oil fell in Asian trade today as investors awaited more data due out this week that they hope will show a recovery is underway in the US and other major economies, analysts said.
New York's main contract, light sweet crude for October delivery dropped 11 cents to $72.63 a barrel.
Brent North Sea crude for October delivery was 23 cents lower at $72.56.
"People are waiting for further information about supply and demand balance," said Ben Westmore, a minerals and energy economist with the National Australia Bank in Melbourne.
Crude rose last week, fuelled by positive economic data that the global economy was pulling out of recession, which was seen as a boost to lifting oil demand.
In the United States, the world's largest energy-consuming nation, official data showed spending rose for the third consecutive month, albeit largely due to federal aid.
In Europe, the European Commission's economic sentiment indicator for the 16-nation eurozone rose for the fifth month running in August.
For this week, investors will be eyeing a US manufacturing survey due out Tuesday followed by other data later in the week including labour and construction spending, said Singapore's DBS bank.
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