| GEO Business|
| Oil prices lower in Asian trade|
| Updated at: 0834 PST, Tuesday, May 12, 2009|
SINGAPORE: Oil prices dipped in Asian trade Tuesday, extending overnight falls as investors took profits following last week's rally, analysts said.
The market was also waiting for the weekly US energy inventory report for signs of strengthening demand in the world's biggest economy, which is reeling from a deep recession, they said.
New York's main futures contract, light sweet crude for June delivery, fell 30 cents to 58.20 dollars a barrel. Brent North Sea crude for delivery in June was down 23 cents to 57.25 dollars.