Oil down in Asia

SINGAPORE: Oil prices slipped in Asian trade Friday as dealers worried about a global oversupply in crude, while speculation the US Federal Reserve will soon scale back its stimulus programme also weighed. New York’s main contract, West Texas Intermediate (WTI) for January delivery, was down nine cents at $97.41 in afternoon trade while Brent North Sea crude for January eased seven cents to $108.60.

"Investors are not only concerned about an oversupply in the US from shale oil, but also from OPEC member countries like Iraq who have pledged to increase supply even if prices fall significantly," Kelly Teoh, market strategist at IG Markets in Singapore, told.

The Organisation of Petroleum Exporting Countries (OPEC) earlier this month agreed to keep its production ceiling unchanged at 30 million barrels a day.

However, pledges by its members Iraq and Iran to boost output in 2014 have raised concerns about a potential glut, as US shale oil output continues to increase.