Oil down in Asia amid European jitters

Singapore: The crude was lower in Asian trade today with traders withdrawing from the market as concerns linger about the depth of the European debt crisis, analysts said.

New York’s main contract, light sweet crude for delivery in January, fell 32 cents to $97.35 a barrel.[caption id=“attachment_135538” align=“alignleft” width=“380” caption=“Oil falls in Asian market. Reuters”]  [/caption]

Brent North Sea crude for January delivery shed 28 cents to $107.28.

“Oil is continuing the trend from last Friday in the US, it’s heading down,” said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore, adding that “there are concerns about the European economies.”

Spain’s conservative Popular Party swept to victory in Sunday’s general election and now has the task of pushing through severe austerity measures in the eurozone’s fourth biggest economy.

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AFP