Oil prices down in Asia

SINGAPORE: Oil prices edged lower in Asian trade Tuesday on growing expectations the US Federal Reserve will scale back its stimulus programme after a key policy meeting this week, analysts said.

New York´s main contract, West Texas Intermediate (WTI) for January delivery, was down 11 cents at $97.37 in afternoon trade while Brent North Sea crude for February eased six cents to $109.35.

"Crude prices sustained downward pressure as the upcoming (Fed policy committee) meeting pushes investors to square positions and to stand on the sidelines," Tan Chee Tat, an investment analyst with Singapore-based Phillip Futures, told.

"A series of positive economic releases from the US has once again reignited anticipation for an early taper to take place," he said. The Fed´s key policymakers are to meet for two days from Tuesday to weigh whether growth is strong enough to merit cutting back its $85 billion-a-month bond-buying scheme.