Oil mixed in Asian trade

SINGAPORE: Oil prices were mixed in Asian trade Friday as traders weighed news of weakening demand for petrol in the United States and a delay in an Iranian oil embargo by the European Union, analysts said.

New York's main contract, West Texas Intermediate crude for delivery in February, gained five cents to $100.44 a barrel in morning trade.

Brent North Sea crude for March delivery was down six cents to $114.49.

"It is mainly the oil inventory data that is affecting crude prices," said Ker Chung Yang, commodity analyst at Phillip Futures in Singapore.

The US government's weekly oil inventory report showed a fall in crude stocks that was explained by a slowdown in imports and mounting stockpiles of refined products due to slower demand.

The report also said petrol use in the world's second largest energy consumer had dropped to 8 million barrels a day last week, the lowest level since September 2001.

The European Union's failure to agree on setting an embargo on Iranian oil also eased pressure on the market, analysts said.