Singapore, June 24: Oil prices eased in Asian trade today after rising due to a weekend blast that damaged an Iraqi gas pipeline, dealers said. The New York light sweet crude oil for August delivery was trading at 29.07 dollars a barrel, down from the New York close of 29.17 dollars yesterday. Dealers said the market was taking profits as there was no fundamental reason for the recent spike in oil prices. "We still see further downside basically due to weak demand," a dealer said.
There are concerns the attack on the pipeline was an attempt to sabotage efforts by the United States to use Iraq`s oil revenues to rebuild the country after the fall of Saddam Hussein. Bureau Report